07 Apr 09 Forex forecast about the EUR/USD?
What do you think about the eur/usd exchange rate in the short term?
Currently the rate is: 1.3532.
Technically, we see a constant uptrend since yesterday…the last our even was formed the so called “tree white soldiers” which is a potential signal for an uptrend. However I am not big supporter of the “technical analysis” since it shows only the current position of the market, but the price is driven by economic events not by charts.
So, talking about economics, here’s the situation about the eur/usd pair:
Euro:
The European Central Bank decided to leave the interest rate unchanged at 3.75% yesterday
USA:
12:30 US Producer Price Index (MoM) (Mar) now:0.6% - was:1.3%
12:30 US Producer Price Index ex Food & Energy (MoM) (Mar) now:0.2%- was:0.4%
12:30 US Trade Balance (Feb) now:$60.50B -was:$59.12B
I think the euro is now overbought and as we know from dow jones: “the history repeats”. So I would sell to reach 20 pips around 1.35.
thanks
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