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Technically U.S. Dollar could continue strength against the Euro
Tue, Jun 10 2008, 11:49 GMT
by Benny Menashe
| Long signal | Short signal | |
| Buy a break of resistance level at 1.5850 | Sell a break of support level at 1.5550 | |
| EURUSD | Buy a break of resistance level at 1.5910 | Sell a break of support level at 1.5365 |
| Buy a bounce at 1.5550 | Sell a failure of breaking the resistance 1.5850 |
Fundamental
The dollar rose to a three-month high against the yen after Federal Reserve Chairman Ben S. Bernanke said risks to the U.S. economy have diminished, prompting traders to increase bets on higher interest rates.
The U.S. currency gained for a second day against the euro after Bernanke said the central bank will ``strongly resist'' any waning of public confidence in stable prices. U.S. Treasury Secretary Henry Paulson said yesterday in an interview that he would ``never'' rule out currency intervention to prop up the dollar.
Technical
The Euro may continue the downtrend as we can see strong supply in the market, based on technical indicators like RSI, which is giving us a clear bearish signal, MACD breaks the equilibrium level and is pointing downwards, and Bollinger gives us a bearish signal by closing the candle below the middle band.
EUR/USD (Daily Chart)
The primary tendency still in an uptrend.
EUR/USD (4 Hour Chart)
The pair is coming to bounce on Gan fan.
EUR/USD (Hourly Chart)
The Minor trend shows us a double top formation.
Resistance
1.5910
1.5850
Support
1.5550
1.5365
Published on Tue, Jun 10 2008, 12:35 GMT
Archive
- BOE could cut rates after dollar continues to dominate against Sterling
Published On Mon, Oct 6 2008, 12:11 GMT - Euro hits 10-day low vs dollar as banking crisis spreads
Published On Wed, Oct 1 2008, 11:42 GMT - Dollar slips due to failed liquidity plan by Federal Reserve
Published On Tue, Sep 23 2008, 12:07 GMT - Lehman bankruptcy helps Euro recuperate!
Published On Mon, Sep 15 2008, 08:53 GMT - Nine day decline might get worst for the pound against dollar
Published On Mon, Sep 8 2008, 12:00 GMT
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