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forexchief

Euro against U.S dollar may hit a six-year low

Discussion in 'Analisa Fundamental' started by ikonfx, Mar 10, 2011.

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  1. ikonfx

    ikonfx Banned

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    Okasan Securities Co. Technical Analysis Group indicated that once the close drop to 1.2134 support, euro against U.S.dollar may hit its six-year low. The bond forex trader of the Okasan Securities Co. in Tokyo, Tsutomu Soma pointed that euro against U.S dollar may slide even down to low 0.8230 in October, 2000. 50 percent of the high 1.6038 in July, 2008 stood in retracement position 1.2134. if this retracement position fall, then the forex price would point to 61.8 percent and rally to 1.1213.

    Tsutomu Soma also indicated that euro are more likely went down continutely toward 50 percent retracement position. After that, the object will point to 1.1213. Euro's trading strategy still tend to short trade.

    Euro against U.S dollar dropped to the low 1.2144 in Wednesday(19 May,2010),hitting the lowest level from the April in 2006. The last level of 1.1213 in forex price should be dated back to 17 September,2003.

    Tsutomu Soma also pointed that the day wire, MACD of euro against U.S dollar showed the forex price will return to its downside trend.
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