Forex Analysis

EUR/USD broke below 1.5340 support after FT article reminded that “US and Europe seek rise in dollar”. The forex market participants look like children these days  when the teacher has to remind them that they have to be good and not break the toys. Whatever, even ECB noticed that the EUR is far away from the fundamentals and I suppose that mideastern and russian names will follow soon. Next supports on the way to 1.5000 are 1.5230 and 1.5145. Any rallies should be short lived and capped near 1.5505 and 1.5590.

This entry was posted on Thursday, May 8th, 2008 at 7:03 am and is filed under Technical Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.