EUR/USD

After the new life-time high yesterday the EUR/USD reversed sharply and left a hanging man candlesticks pattern on the charts. Probably the speculators have realised that ZEW index below -62.2 means RECESSION in the Eurozone. It’s time for ECB to see this and to cut the rates. Support is @ 1.5840, 1.5800 and 1.5710. Resistance is @ 1.5970 and 1.6037.

Tags:

This entry was posted on July 16th, 2008 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.