The EurUsd is trading at 1.3585, ranging from 1.3551 to 1.3729. The current price is under yesterday's close at 1.3772. Checking the hourly graphics, the 20- and 200-day Exponential Mobile Averages (EMA) are under the 50-day EMA.
The resistances are at 1.4174 (October 1st high), 1.4426 (September 30th high) and 1.4867 (September 22nd high). On the other hand, as the supports at 1.4000 (key) 1.3551 (September 11th low) were broken, they're still keeping an eye on the support at 1.3551 (September 4th 2007 low).
The Euro has been profit taking from the Asian session, as the European Union's governments are bailing out the banks affected by the credit crisis.
This weekend, officials from Germany, France, UK and Italy met in Paris, to try to slow down the crisis. They agreed that each country shall, using its own resources, bailout the institutions in trouble.
This way, the Euro traders are more convinced that the ECB will, at the beginning of November, cut down rates to ease the credit crisis.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 27 points, rebounding from the oversold area. The volatility per hour is 370 pips. Going with the daily graphics, we see that the current price is just under the 23.60% (1.4204) and over the 38.20% (1.3080) Fibonacci retracement lines.
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