From 9/11/2012 the Eurusd Continued to struggle, as the pair has been on a downward
trend for most of the week. The euro initially was up following the
US election on Tuesday, but has since coughed up those gains, following weak
Euro-zone and German data. Today’s numbers out of Italy and France were no
better. French Industrial Production posted its sharpest drop since
2009 and Italian Industrial Production also looked weak. As expected, the
ECB maintained its key interest rate at 0.75%.
In the US, the markets are
expecting a slight decline in the UoM Consumer Sentiment indicator.
4hr Chart
Important Price Levels to Watch Out for
0.2790 RR
1.2726 RR
Currenct Price : 1.2723 as of 03.25am
1.271770 SS
EUR/USD had a bad week, losing ground after losing the
range. The re-election of Obama combined with no little progress on Greece sent
the pair lower. German ZEW Economic Sentiment, and the initial GDP readings for
Q3 are the highlights of this week. Here is an outlook on the highlights for
this week and updated technical analysis for EUR/USD, now at lower ground.
The Greek parliament approved the austerity measures
required for another round of bailout funds, but these aren’t guaranteed yet.
Is the country closer to leaving the euro, or will its upcoming bond payment at
the end of this week, be taken care of? The European Central Bank kept
rates at 0.75% and
warned about the economic situation. More importantly, Draghi practically said
that the crisis is reaching Germany. Indeed, German exports plunged to the
lowest level since December, amid low demand from the EU an global markets. In
the US, Obama’s re-election ignited fears of a less-than-perfect resolution of
the looming fiscal cliff and caused a rise in the
dollar and a sell-off of stocks. This theme could somehow be
resolved at the last moment. Written by forex crunch
1hrly Chart
No comments:
Post a Comment