The EUR has reached the exact 38.2% retracement of the last downleg and very likely will retreat from here as the overall Dollar strength is not finished yet but that is correlated very much to the stockmarket moves as we can see clearly. Basically a test of the downtrendline cannot be ruled out as we have clearly broken above the 50 day MA which we also di during the consol,dation in July/Aug by the same magnitude. As the stockmarkets need to make another dive the Dıollar needs to complete its high which should start around this weekend.
Thursday, December 11, 2008
EUR tech outlook
The EUR has reached the exact 38.2% retracement of the last downleg and very likely will retreat from here as the overall Dollar strength is not finished yet but that is correlated very much to the stockmarket moves as we can see clearly. Basically a test of the downtrendline cannot be ruled out as we have clearly broken above the 50 day MA which we also di during the consol,dation in July/Aug by the same magnitude. As the stockmarkets need to make another dive the Dıollar needs to complete its high which should start around this weekend.
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