EUR/USD

Mr. Trichet finally realized that the Euro rally is dangerous and said that it is very important that US Pres George Bush and Fed Chair Ben Bernanke (not forgetting US Trsy Henry Paulson) say that a strong USD is in US interest. He also pointed to a eurozone growth slowdown and neutral ECB policy bias. This probably wil weigh on the EUR/USD and will lead to another test of the last rally trendline currently @ 1.5780. If this level is taken out next support is near 1.5655 and 1.5610. Rallies towards 1.5880/900 will meet willing sellers.

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This entry was posted on July 18th, 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.