16th February to 20 February 2009 Euro / USD
Posted by admin | Posted in Weekly and Daily Wake up | Posted on 16-02-2009
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The European market is still in deep recession like Asian markets of Japan, Taiwan, South Korea, India, etc. The condition does not improve this week as well. The euro currency has also declined which is one of the major changes in the past thirteen years.
The expected market seems to be bearish in the coming week since prices are not able to find resistance and support in the current market scenario. But certain opportunities might arise for the investor when he observes the regular currency chart and go for short position.
The currency has shown a downtrend as it fell down by 0.63% over last week and floating at a current rate of 1.2864 US dollar. Europe is facing with its biggest contraction due to deep recession. Declining exports is the major cause of such a situation.
If Euro rate falls below 1.27 USD, then also the risk prevails and corrective measures have to be taken for the same. Resistance will not occur until it reaches the level of 1.33. The Fibonacci resistance does not begin until it reaches the level of 1.3430. So the market is expected to see many highs and lows in the market in the coming week and sees no immediate stability in the currency market.
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