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Forex Pub Report, August 25, 2005 |
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On EUR/USD
Expect continued support of the Euro, expected to follow rallies up to 1.2365.
...and the experts say...
(Rabobank Group Treasury via fxstreet.com) - "Yesterday, euro bulls lifted EUR USD above
the first resistance level at US$ 1.2255. The current advance of the
pair can be seen as a countertrend move within the reigning short term
downtrend. With both the short and long term trend aligning in the same
direction, we expect selling efforts to emerge in the days ahead. A
risk to this scenario is a break above the August top at US$ 1.2485.
This would make an end to our short term bearish outlook for the cross."
(MG Financial Group via fxstreet.com)- "The euro rallied this morning against the dollar
- breaking through resistance at $1.2250 to hit an intraday high of
1.2278 - after the US Census Bureau released data on durable goods
orders, which came in much lower than expected. Although record setting
new homes sales in the US helped the dollar regain some of its losses,
the euro still remains higher at 1.2255-70."
(actionforex.com) - "EURUSD seems to be moving in its upward trend nicely and looking to set itself up to
challenge its target around 1.2400, break of which will setup its new target over 1.2500.
Currently traders will be looking to buy EURUSD on dip to retracement level around 1.2239.
RSI is also nicely setup for an extended upward more.
Use of trialing stop is recommended to capture extended profits.
Recommendation: Buy EURUSD at 1.2239 with 40 pips stop (1.2199) and take profit at 80 pips (1.2319)."
(forexnews.com) - "Attempting to regain a foothold above $1.23, the euro is looking to
take a stab at 1.2350. Further resistance for the pair is building up
at 1.2380. Tomorrow morning’s release of M3 money supply within the
Eurozone, while no longer a key indicator assessed by the ECB, still
provides the market with a sense of liquidity among those countries
sharing the common currency and, if it remains high, helps to reinforce
the notion that the ECB is not in any hurry to cut rates. Support for
EURUSD is holding at 1.2250, followed by 1.2195."
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Forex Report