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Lehman bankruptcy helps Euro recuperate!

Mon, Sep 15 2008, 08:53 GMT
by Benny Menashe

Finotec Group Inc.


Long signalShort signal
Buy a break of resistance level at 1.4545Sell a break of support level at 1.4305
EUR/USDBuy a break of resistance level at 1.4480Sell a break of support level at 1.4230
Buy a bounce at 1.4305Sell a failure of breaking the resistance 1.4545


Fundamental

The U.S. dollar weakened against the euro after Lehman Brothers Holdings Inc. said it intends to file for bankruptcy and traders speculated the Federal Reserve may need to cut interest rates.


Technical

Euro started an uptrend for a short period of time, as we can see strong demand in the market, based on technical indicators like RSI, which breaks 30% line and is pointing upwards, MACD crosses the signal line and is pointing upwards, and Bollinger gives us a bullish signal by closing the candle above the lower band.

EUR/USD (Daily Chart)

The primary tendency is still in a downtrend.

Daily Chart

EUR/USD (4 Hour Chart)

The pair breaks the channel upper line.

Hour Chart

EUR/USD (Hourly Chart)

The Minor trend shows us a clear uptrend.

Hourly Chart

Resistance
1.4545
1.4480

Support
1.4305
1.4230


Archive

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http://www.finotec.com/ | support@finotec.com

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FINOTEC Trading’s Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.

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