Thursday, May 6, 2010

Forex day trading weekly chart support EURUSD

Forex day trading weekly chart support on EURUSD. [caption id="attachment_850" align="alignleft" width="233" caption="Forex day trading weekly eurusd support"]Forex day trading weekly eurusd support[/caption] First level of support on weekly from here is 1.2467 Next level 1.2324 third level 1.1968 Extreme Low for support 1.1649 The euro depreciated sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2805 level and was capped around the $1.2995 level.  The common currency reached its lowest level since March 2009 as sovereign credit concerns worsened in the eurozone and the threat of contagion to other major industrialized countries worsened.  Germany and France are offering the most financial assistance to Greece as part of a multilateral bailout plan that includes the eurozone and the International Monetary Fund.  The European Central Bank this week decided to allow Greek debt for repo-eligible collateral despite the fact that it has been downgraded to junk status.  The ECB will announce its interest rate decision and is expected to keep all options open but not reduce its headline main refinancing rate target.  ECB member Weber highlighted the risk of "contagion effects" from the Greek crisis.  The risk of contagion has certainly heightened as Moody's reported it placed Portugal's Aa2 government bond rating on review for a possible downgrade, a move that would likely happen in the next three months.  Data released in the eurozone today saw EMU-16 April PMI services improve to 55.6 fr [...]

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