Finotec News Archive - August 27 2007
Euro Heading to 1.3740
The euro will gain to $1.3740 after having passed key technical levels, said Masashi Hashimoto, a currency analyst at Bank of Tokyo-Mitsubishi UFJ Ltd.
The euro will gain to $1.3740 after having passed key technical levelsAnthony Boyajian 
27 August 2007
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| Long signal | Short signal | |
|---|---|---|
Buy a break of resistance level at 1.3850 | Sell a break of support level at 1.3630 | |
EUR/USD | Buy a break of resistance level at 1.3805 | Sell a break of support level at 1.3590 |
Buy a break of resistance level at 1.3740 | Sell a break of support level at 1.3545 |
The euro will gain to $1.3740 after having passed key technical levels, said Masashi Hashimoto, a currency analyst at Bank of Tokyo-Mitsubishi UFJ Ltd.
The so-called resistance level of $1.3740 represents a 76.4 percent reversal of the euro's decline to a low of $1.3361 on Aug. 16, from a high of $1.3852 reached on July 24, based on a series of numbers known as the Fibonacci sequence. It closed above the 21-day moving average of $1.3623 and the upper side of clouds at $1.3647 on the so-called ichimoku chart on Aug. 24.
``The euro-dollar already broke though key resistance levels,'' said Hashimoto at the Tokyo unit of Japan's largest lender by assets. ``It is likely to challenge higher levels.''
Europe's single currency traded at $1.3667 at 6:18 a.m. in London, from $1.3675 on Aug. 24 in New York.
Primary Tendency
The primary tendency continue the bullish trend and that started from 15 January 2007
Secondry Tendency
The pair reached 1.3853
Minor Tendency
The Minor trend is in an uptrend
Resistance
1.3850
1.3805
Support
1.3630
1.3590
Finotec Analysis Team
27 August 2007
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