Wednesday, July 8, 2009

Currency strategists recommend selling EUR / USD to rise

Pair of Euro / dollar remains under pressure. According to analysts of Commerzbank, in the short term, reducing the likelihood to continue, increase resistance to keep a pair of 1.4150/1.4200. The bank preferred to sell the euro / dollar at 1.3990 and 1.3690 for the purpose of stop-loss at 1.4090. Currency strategists RBS is also inclined to the negative projection of euro / dollar and consider the possible reduction of a pair to 1.3444 levels (61.8% correction) and below. Resisting downgrade in the bank raise the level of 1.3992. In the long term, possibly forming a symmetrical triangle from October 2008, which indicates the possibility of reducing the euro / dollar to 1.14. The bank also recommend selling a pair of Euro / dollar to rollback to 1.3992 for the purpose of 1.3830/1.3786, then at 1.3615. At this point, a pair of Euro / dollar traded near 1.3925 level.

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