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Weekly Forex Signals

10

1

Uptrend on long term looks certain for Euro

Mon, Oct 26 2009, 10:45 GMT
by Anthony Boyajian

Finotec Group Inc.


Long signalShort signal
Buy a break of resistance level at 1.5065Sell a break of support level at 1.4943
EUR/USDBuy a break of resistance level at 1.5270Sell a break of support level at 1.4880
Buy a bounce at 1.4943Sell a failure of breaking the resistance 1.5065


Fundamental

The dollar touched a 14-month low versus the euro as an advance in Asian stocks and signs the global economy is recovering reduced demand for the greenback as a refuge. The dollar fell against 11 of its 16 major counterparts before reports economists said will show confidence among U.S. and French consumers rose. South Korea’s won strengthened after its economy grew at the fastest pace in seven years. The yen and euro gained after an official Chinese paper said the nation should boost reserves in the currencies.


Technical

Technical analysis show us the euro may continue its uptrend as MACD gives us a buying signal by crossing MACD line to the signal line and RSI is in an uptrend. Bollinger gives us a bullish signal by closing the candle above the middle band.

EUR/USD (Daily Chart)

The primary tendency is still in an uptrend.

EURUSD

EUR/USD (4 Hour Chart)

The pair trying to break previous resistance.

EURUSD

EUR/USD (Hourly Chart)

The Minor trend has a strong resistance at 1.5065.

EURUSD

Resistance
1.5065
1.5270

Support
1.4943
1.4880


Archive

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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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