EUR/USD
May 16th, 2008
| Tags:
EUR/USD is consolidating within a wedge pattern. Asian CBs and sovereigns are buying EUR around the 1.5400 handle and below, while various sources are selling between 1.55 and 1.56. If the market breaks out of the wedge, a measured move of 3 big figures is expected. Probably the economic data next week (ZEW and Ifo indices) will provide the excuse for finding of direction.
Support is @ 1.5415, 1.5360 and 1.5280, Resistance is @ 1.5545 and 1.5595.
Leave a comment
| Trackback