Back to the Forex Alerts day's list
Alert - 09:20 (CET) - EurUsd
|
The single currency remained under 1.2700 dollars during the Asian session, influenced by the decline of the crude barrel price to 2005 levels and by the expectations regarding the retail sales in October in the Eurozone (10:00 CET). These should drop 0.8% in this period, illustrating the deterioration of an economy that's already in recession. This way, the ECB will have more reasons to cut rates drastically tomorrow.
The EurUsd trading at 1.2696, ranging between 1.2672 and 1.2742, under yesterday's close at 1.2714. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The traders are watching the supports at 1.2500, 1.2324 (January 2006 high) and 1.2000 (key). The resistances are set at 1.2733 (October 23rd high), 1.3000 (key) and 1.3353 (October 21st high).
The pair registered, so far, the week low at 1.2563 and high at 1.2766. This narrow range is a result of the traders wanting to see how the ECB sees the Eurozone economy. Depending on what Trichet announces tomorrow, the EurUsd market could price in more rate cuts for the beginning of 2009.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 50 points, rebounding from the oversold area. The average volatility per hour is 160 pips. Checking the daily graphics, we see that the current price is under the 38.20% (1.3063) and over the 50.00% (1.2141) Fibonacci retracement lines.
|
|
ACM Advanced Currency Markets SA (hereinafter referred as ACM) is a professional financial intermediary, directly regulated by the Swiss Federal Department of Finance, Anti Money Laundering Control Authority. As forex specialist, ACM provides only currency and precious metals trading via highly professional forex trading software. All customers are aware that this information or any part thereof has been prepared without taking account of your objectives, financial situation and/or needs. This information is not intended as personalized investment advice and does not constitute a recommendation. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. The analysis is based on the information which ACM finds reliable and accurate, but ACM does not assume any responsibility for any material nor for the transactions made on the basis of the information or the estimates of the analysis. ACM cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct, indirect and/or consequential loss arising from any use of this information, document or its content. All opinions and estimates constitute ACM analysis as of the data and are subject to change without notice. ACM does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions. Past performance is not a reliable indicator of future performance.
|