Finotec News Archive - June 15 2009

U.S. dollar takes full advantage of worn-out Euro.

The dollar rose the most in a week against the euro after Russia’s Finance Minister Alexei Kudrin said the nation has full confidence in the U.S. currency.

Anthony Boyajian
15 June 2009

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Long signalShort signal
Buy a break of resistance level at 1.4060Sell a break of support level at 1.3855
EUR/USDBuy a break of resistance level at 1.4130Sell a break of support level at 1.3805
Buy a bounce at 1.3855Sell a failure of breaking the resistance 1.4060

Fundamental The dollar rose the most in a week against the euro after Russia’s Finance Minister Alexei Kudrin said the nation has full confidence in the U.S. currency. The greenback advanced against all 16 major currencies as Kudrin said in an interview on June 13 that it was too early to speak of an alternative to the world’s reserve currency. The euro extended losses against the dollar after Britain’s Telegraph newspaper cited Germany’s top industrial group as saying credit conditions in Europe’s largest economy are worsening.

Technical Technical analysis shows the euro may fall to 1.3855 where will find previous support. Technically MACD chart is showing a selling signal by crossing the signal line to MACD line and RSI breaks 70% level downwards. We have strong supply in the market as stochastic shows us the market movement and Bollinger gives us a bearish signal by closing the candle below the middle band.

EUR/USD (Daily Chart) The primary tendency breaks the trend line.

EUR/USD (4 Hour Chart) The pair breaks Fibonacci fan lower level.

EUR/USD (Hourly Chart) The Minor trend is in a clear downtrend.

Resistance 1.4060 1.4130

Support 1.3855 1.3805

Finotec Analysis Team
15 June 2009

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