Weekly Forex Signals

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U.S. Dollar could drop as euro looking to rebound
Tue, Jun 24 2008, 06:15 GMT
by Benny Menashe
Finotec Group Inc.
| Buy a break of resistance level at 1.5610 | Sell a break of support level at 1.5580 |
| Buy a break of resistance level at 1.5655 | Sell a break of support level at 1.5460 |
| Buy a bounce at 1.5580 | Sell a failure of breaking the resistance 1.5610 |
Fundamental
The dollar was little changed against the euro and the yen on Monday after world energy powers were unable to come up with a quick fix to rein in runaway oil prices at an emergency meeting over the weekend.
Oil edged up 26 cents to $135.62 a barrel after Saudi Arabia, the host country of the meeting, vowed to pump more oil but said that such a move would not be enough to calm the energy market.
Technical
The Euro may continue its uptrend against U.S. dollar as we can see strong demand in the market, based on technical indicators like RSI, which bounced on 30% line, MACD crosses the signal line and breaks the equilibrium level upwards, and Bollinger gives us a bullish signal by closing the candle above the middle band.
EUR/USD (Daily Chart)
The primary tendency gives us a flag formation.

EUR/USD (4 Hours Chart)
The pair bounced on a strong support level.

EUR/USD (Hourly Chart)
The Minor trend shows us a clear uptrend.

Resistance
1.5610
1.5655
Support
1.5580
1.5460
Published on
Tue, Jun 24 2008, 06:20 GMT
Archive
- Down trend on long term looks certain for Euro
Published On Mon, Dec 1 2008, 11:02 GMT
- Euro long term objectives could see it go further down
Published On Tue, Nov 25 2008, 05:35 GMT
- Sterling hits 13-years low on UK rate cut view
Published On Mon, Nov 17 2008, 11:09 GMT
- Euro looking to bounce against sluggish Dollar
Published On Mon, Nov 10 2008, 09:59 GMT
- The pound climbed against the dollar and euro on speculation rising stocks
Published On Mon, Nov 3 2008, 09:12 GMT
[ View All ]
Finotec
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http://www.finotec.com/ | support@finotec.com
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