Finotec News Archive - June 30 2009
U.S. dollar certain to bounce back ahead of Euro
The dollar weakened for a fourth day against the euro as European and Asian stocks advanced on speculation the global recession is abating, damping demand for the U.S. currency as a refuge.
Anthony Boyajian 
30 June 2009
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The dollar weakened for a fourth day against the euro as European and Asian stocks advanced on speculation the global recession is abating, damping demand for the U.S. currency as a refuge. The dollar declined against 14 of the 16 most-traded currencies before a U.S. report that economists say will show consumer confidence rose to a nine-month high, giving investors more confidence to buy higher-yielding assets.
Trading Tactics
Sell EUR/USD on signs of a double top.
The buying point is at 1.4210; previous resistance is the take profit at 1.4330; Fibonacci 23.6% is the stop loss at 1.4090
The selling point is at 1.4120; Pivot point is the take profit at 1.4010; previous resistance is the stop loss at 1.4170
Technical: Euro fails to break previous resistance and form a clear double top formation. A move back lower could set up a test of 1.4010.
The following analysis is for information only; Finotec is not responsible for any decisions or misinterpretations based on the given text.
By Finotec’s professional analyst,
dealingdesk@finotec.com
EUR/USD (Hourly Chart)
Finotec Analysis Team
30 June 2009
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