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Euro Coming Back?
By Eliseo Agas | July 31, 2007
After the selloff last week, EURUSD seems to have held support in the 1.3600 area. But are buyers serious about coming back at this point? With U.S. PCE about to be released this morning it’s a tough call.
Attached are the daily and 4-hr charts for your viewing pleasure. I’d personally wait for price confirmation with trading above the 1.3726 area before considering getting long. With that said, if the buyers successfully push this up we’re looking at 1.3750 as the next hurdle to get over creating a clear line of site to the 1.38 figure.
Tags: dollar, forex, forex news, forex trading
Topics: Better Use Charts - Use Charts Better |
July 31st, 2007 at 9:43 am
how does the PCE data affect the pair? consumer spending came in lower than expected but inflation slowed. and spending was actually lower than income for the first time in months.
July 31st, 2007 at 10:26 am
[…] more than 200 pips from its record highs. But recent evidence shows signs of a retracing, with support for the euro regaining strength. But it’s not like currency traders have fallen back in love with the […]
August 1st, 2007 at 7:35 am
[…] Euro Coming Back? […]
August 16th, 2007 at 1:27 pm
[…] weren’t interested in coming in yesterday with a failure to break above the 1.3726 area (per my previous post). Despite this, selling action yesterday was well contained with this morning’s action looking […]