Finotec News Archive - August 24 2009
Down trend on short term looks certain for Euro.
European Central Bank officials led by President Jean-Claude Trichet greeted mounting evidence of an economic recovery with caution, suggesting they won’t rush to reverse their emergency stimulus.
Anthony Boyajian 
24 August 2009
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| Long signal | Short signal | |
|---|---|---|
| Buy a break of resistance level at 1.4350 | Sell a break of support level at 1.4280 | |
| EUR/USD | Buy a break of resistance level at 1.4415 | Sell a break of support level at 1.4200 |
| Buy a bounce at 1.4280 | Sell a failure of breaking the resistance 1.4350 |
Fundamental
European Central Bank officials led by President Jean-Claude Trichet greeted mounting evidence of an economic recovery with caution, suggesting they won’t rush to reverse their emergency stimulus. “We see some signs confirming that the real economy is starting to get out of the period of freefall,” Trichet said at the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, on Aug. 22. This “does not mean at all that we do not have a very bumpy road ahead of us.”
Technical
Technical analysis show us the euro may come back downwards as MACD giving us a selling signal by crossing MACD line to the signal line and RSI breaks 70% line downwards. Bollinger gives us a bearish signal by closing the candle below the upper band.
EUR/USD (Daily Chart)
The primary tendency is still in an uptrend.
EUR/USD (4 Hour Chart)
The pair trying to break support level.
EUR/USD (Hourly Chart)
The Minor trend forms a double top formation.
Resistance
1.4350
1.4415
Support
1.4280
1.4200
Finotec Analysis Team
24 August 2009
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