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Alert - 16:00 (CET) - Euro rebounds against the Dollar
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After the ECB's rate cut of 75bp, the single currency hit its intraday low at 1.2551. However, all eyes and ears were turned to Trichet's speech, where it was suggested that, apart from the economic downturn, the ECB is not ready to follow an ultra-expansive monetary policy. This way, the rate differential will be maintained for a while, which alloed the Euro to rebound over 100 pips.
The EurUsd trading at 1.2694, ranging between 1.2551 and 1.2728, under yesterday's close at 1.2717. 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).
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 55 points, near the oversold area. The average volatility per hour is 170 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.
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