Tuesday, February 9, 2010

BNP Paribas: the euro / dollar has a chance of further recovery

According to currency analysts BNP Paribas, today's break above $ 1.3745 level in pair euro / dollar and evidence of continuing recovery began on Friday, pairs, and in the case of growth above $ 1.3800/05 couple can win back all the losses incurred last week. Key resistance strategy of the bank put a mark of $ 1.3855 (minimum of 1 February, the breakout point last week). Sure, the euro / dollar above $ 1.3855 would be the basis for testing of $ 1.3900/30, and break above $ 1.3930 level will increase the chances for full recovery of couples after falling in January and February (and, possibly, in November-February). As noted in the bank, in the case of this scenario, the euro / dollar may continue the upward movement to the level of $ 1.3965, $ 1.4080 and $ 1.4200, which are respectively 38.2%, 50% and 61.8% Fibonacci Retracement, after declining in January and February. Currently, the euro / dollar is trading at around 1.3755.

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