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General Forex Discussion
EUR/USD - Weekly Update
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[QUOTE="ForexAbode, post: 11645, member: 4950"] [B][U]EUR/USD[/U][/B]: Current 1.3501 (Sunday, April 18, 2010). [B][U]Trend[/U][/B]: Sideways. [B][U]Outlook[/U][/B]: Bearish (Please refer daily charts and not short-term charts e.g. hourly charts.) [B][U]Watch outs[/U][/B]: Goldman Sachs (fraud case) and Greece (economic crisis). [B][U]Fundamentals[/U][/B]: 1) US: Jobless claims climbed unexpectedly. 2) US but with effect not specific to US only: Goldman Sachs sued by regulators for fraud. 3) US: Good Inflation data signals reduces the chance of near future hike in interest rates 4) US: Consumer confidence fell to 5 months low. 5) US: Trade balance report negative. 6) US: Sales at US retailers climbed more than expected. 7) US: Home Sales, Goods Orders Probably Climbed: U.S. Economy Preview 8) Europe: Consumer confidence suddenly dropped. 9) Europe: Greece rescue measures may only give temporary relief for Euro. There are other weaker states in the bloc. 10) Europe: Trade balance better than previous release. [B][U]Technicals and Market perception[/U][/B]: 1) The currency pair’s downward movement from 1.5142 seems to have completed 5 waves (see the chart). [U][B]Analysis[/B][/U]: Overall the outlook is bearish. Considering the fundamentals and technicals we would expect a sideways movement for sometime but also expect EUR/USD to move towards 1.3400 ranges in the coming days. With the 5 wave cycle seemingly completed, there is a chance of rebound but even if the currency pair moves up there should be a strong resistance at 1.3800 and the 1.3960. Overall we are expecting the currency pair to test a new recent low near 1.3000 in the near future. [/QUOTE]
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