The US Dollar fell on the event of most of the asset classes finding stability at the lower ranges; most of the equity bourses find support at the week lows. The Dollar Index is heading towards the...
Statements released by the Federal Reserve yesterday sparked a wave of pessimism in trading circles as no clear plans were put forth to address the financial weakness seen since S&P’s historic downgrade of the US credit rating.
After a very impressive decline which lead the pair below parity (1000 pips within a few days), we did see the market bouncing significantly during the last trading session.
After a sharp rally which confirmed a potential long term reversal, the pair has found some great resistance ahead of parity which was expected.
The pair has accelerated its move to the downside very quickly yesterday after Fed Charman speak. It has made a new record low at 0,7070.
The pair has come back to its value from before the BoJ intervention which didn’t have the impact expected as often.
The pair has been under intense pressure yesterday testing and bouncing on 1,62 corresponding to the bottom of an intraday descending channel.
After Fed Chaiman Bernanke rather dovish statement, the EUR/USD has found renewed strengh to test again its descending trendline. 1,44 is now a clear resistance to deal with.
S&P downgrades the US credit rating.
ForexPros Daily Analysis August 09, 2011 Euro in Short, Pound Still In Range, Yen Near All Time Lows Euro: On the daily, the euro continues in shorts, albeit in messy setups. Setups are technically being broken, so...
