Finotec News Archive - March 11 2010
EUR regain due to little thrust on U.S. dollar
The Euro tipped lower against the U.S. dollar on Wednesday, with the exchange rate slipping to a low of 1.3545 during the overnight trade,
Anthony Boyajian 
11 March 2010
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The Euro tipped lower against the U.S. dollar on Wednesday, with the exchange rate slipping to a low of 1.3545 during the overnight trade, and the single-currency is likely to maintain the narrow range carried over from the previous week as policy makers in Europe aim to support the economies operating under the fixed-exchange rate system. Meanwhile, European Central Bank board member Jose Manuel Gonzalez-Paramo said the Governing Council “will say something about the third quarter” in June during an interview with the Expansion newspaper, and went onto say that normalizing policy “will be a gradual process” as the central bank aims to balance the risks for growth and inflation.
Trading Tactics
A clear uptrend could be an opportunity to Buy EUR/USD.
The buying point is at 1.3650; previous resistance is the take profit at 1.3735; Fibonacci 61.8% is the stop loss at 1.3550
The selling point is at 1.3540; previous support is the take profit at 1.3435; Fibonacci 38.2% is the stop loss at 1.3620
Technical: Euro breaks previous resistance and continues its uptrend. A move back higher could set up a test of 1.3735
To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice MACD crosses the signal line upwards; RSI (Relative Strength Index) is in an uptrend and breaks 70% level; Momentum and stochastic are in a bullish direction.
*Analysis is for information purposes only and does not constitute advice in any form. Past performance is not an indicator of future performance. Trading in financial products carries a high degree of risk to your capital and it is possible to lose more than your initial investment.
By Finotec’s professional analyst,
dealingdesk@finotec.com
EUR/USD (Hourly Chart)
Finotec Analysis Team
11 March 2010
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