Friday, May 14, 2010

Forex day trading EURUSD new lows

[caption id="attachment_864" align="alignleft" width="300" caption="forex day trading eurusd weekly chart"]forex day trading eurusd[/caption] EURUSD hit new lows at 1.2360 confirming last years swing low March 6,2009. Looking for 1.2324 as previous swing low in late October 2008.  If we break through this 1.1860 is next major support and 1.13 area for an equal move down. The EURUSD headed for a fourth weekly decline trading at 1.2545 as the currency rebounded after touching 1.2516, the lowest level since March 5, 2009, breaking through the 14-month low reached last week, on concern European nations' debt-cutting measures will undermine economic growth. The EURJPY was at 116.45 after earlier reaching 115.88, the lowest since May 7 before Greece submits a progress report tomorrow to the EU on the implementation of a deficit-reduction plan. Investors are still concerned widespread fiscal tightening could derail the already weak European economic recovery which could lead the EURUSD to decline to 2008 low of 1.2330. The BOE will raise its target rate next year after previous forecast for increases in Q3 according to market estimates. BOE Governor Mervyn King endorsed yesterday Cameron's plan to reduce spending after Greece's debt crisis threatened to spread. The BOE also said in a report there were "greater downside risks" to its forecast that growth will reach a 3.5% annual pace by 2012 and that inflation will stay below its 2% target while not ruling out any further asset purchases. USDJPY climbed to 92.89 snapping two weeks of declines before US reports that may show retai [...]

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