Weekly Forex Signals

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USD dollar recovering due to "better then expected" data!
Mon, Jul 7 2008, 11:06 GMT
by Benny Menashe
Finotec Group Inc.
| Buy a break of resistance level at 1.5660 | Sell a break of support level at 1.5615 |
| Buy a break of resistance level at 1.5705 | Sell a break of support level at 1.5550 |
| Buy a bounce at 1.5615 | Sell a failure of breaking the resistance 1.5660 |
Fundamental
The euro fell to the lowest level in more than a week against the dollar before a central bank report that may show German industrial production slowed in May.
The common currency also weakened as traders pared bets the European Central Bank will raise interest rates a second time this year and investors speculated the Group of Eight nations will signal they favor a stronger dollar.
Technical
The Euro may continue the downtrend as we can see strong supply in the market, based on technical indicators like RSI, which breaks 70% line and pointing down, MACD crosses the signal line and breaks the equilibrium level downwards, and Bollinger gives us a bearish signal by closing the candle below the middle band.
EUR/USD (Daily Chart)
The primary tendency is in a range.

EUR/USD (4 Hours Chart)
The pair shows us a clear downtrend.

EUR/USD (Hourly Chart)
The Minor trend shows us a strong supply.

Resistance
1.5660
1.5705
Support
1.5615
1.5550
Published on
Mon, Jul 7 2008, 11:11 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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