Forex Analysis

EUR/USD still looks heavy. The pair is weighed by the lower oil prices and the EUR/JPY sales. The market is extremely oversold and due for correction but it seems impossible at this stage. Probably the big guys will target the option barriers and stops around 1.40 and then will allow any retracement to develop. OPEC wilnot cut the oil production and a break below $100 is posiible. This will put pressure on the Euro. Support is @ 1.4090, 1.4045 and 1.4000. resistance is @  1.4225, 1.4315 and  1.4430.

This entry was posted on Wednesday, September 10th, 2008 at 7:48 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.