13th April to 17th April 2009 Euro / USD
Posted by admin | Posted in Weekly and Daily Wake up | Posted on 13-04-2009
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The Euro-Dollar ratios were completely bearish for the entire past week. The prices were retested and then bounced down off the downtrend resistance line. These also broke down below the uptrend support which was short term (i.e. extended from 1.2455 in early March).
The past week performance retested the price. This had a strong support at 1.3100 and went down all the way to 1.3088. Then it got rejected by support. As the next week of April 13-17, 2009 comes after some major holidays, there must be some significant price action.
A strong resistance at 1.3300 is still there at the upper side. There will be further dynamic resistance also around the long term downtrend resistance line. The long term downtrend effect will continue and the overall bearish trend will be visible next week also.
Any break below the 1.3100 region can target support at 1.3000. Further going down may turn the things into a bearish situation, which could target the support at 1.2750on a downside.
But the GDP which stands at 13.84 trillion, the strength of the US government, and major debt currency for banks all over the world and the largest stock exchanges makes the dollar trend in a good shape while forecasting.
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