Finotec News Archive - March 08 2010
Greenback inactivity helps Euro rise in style
The euro rose against the yen and the dollar for a second day as expectations increased Greece will get assistance, boosting demand for higher-yielding assets.
Anthony Boyajian 
08 March 2010
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| Long signal | Short signal | |
|---|---|---|
| Buy a break of resistance level at 1.3710 | Sell a break of support level at 1.3625 | |
| EUR/USD | Buy a break of resistance level at 1.3790 | Sell a break of support level at 1.3530 |
| Buy a bounce at 1.3625 | Sell a failure of breaking the resistance 1.3710 |
Fundamental
The euro rose against the yen and the dollar for a second day as expectations increased Greece will get assistance, boosting demand for higher-yielding assets. Europe’s currency strengthened against 11 of its 16 major counterparts after French President Nicolas Sarkozy said the euro region is ready to rescue Greece and before Greek Prime Minister George Papandreou meets U.S. President Barack Obama in Washington tomorrow.
Technical
Technical analysis gives us a bullish momentum in the market and the euro may start an uptrend after a break of standard error channel upper line. MACD crosses the signal line upwards; RSI is in a clear uptrend and Bollinger Band gives us a bullish signal.
EUR/USD (Daily Chart)
The primary tendency is still in a downtrend.
EUR/USD (4 Hour Chart)
The pair breaks standard error channel upper line.
EUR/USD (Hourly Chart)
The Minor trend is in an uptrend.
Resistance
1.3710
1.3790
Support
1.3625
1.3530
Finotec Analysis Team
08 March 2010
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