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Euro hits 10−day low vs dollar as banking crisis spreads

Wed, Oct 1 2008, 11:42 GMT
by Benny Menashe

Finotec Group Inc.


Fundamental

The dollar rose as President George W. Bush and Congressional leaders agreed on a $700 billion plan to revive credit markets by purchasing banks' distressed debt.
The greenback gained against the yen as Senate Majority Leader Harry Reid said the House of Representatives may consider the plan today and the Senate will vote by Oct. 1. The British pound and the euro dropped to one-week lows versus the dollar as European governments intervened to prevent the failures of Bradford & Bingley Plc, Britain's biggest lender to landlords, and Fortis, the largest Belgian financial-services firm.


Technical

Technical analysis shows the euro may fall to $1.4260 this week. The 15-nation currency is set to decline as its MACD chart is showing a selling signal by crossing the signal line to equilibrium level and RSI which breaks 30% line and is pointing downwards. We have strong supply in the market as stochastic shows us the market movement and Bollinger gives us a bearish signal by closing the candle below the lower band.

EUR/USD (Daily Chart)

The primary tendency is still in a downtrend.

Daily

EUR/USD (4 Hour Chart)

The pair breaks Fibonacci fan lower level.

Hour

EUR/USD (Hourly Chart)

The Minor trend breaks standard error channel lower level.

Hourly

Resistance
1.4555
1.4680

Support
1.4375
1.4260


Archive

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