Euro Dollar: Anticipate new releases on the Euro Monday, May 31, 2010 at 11:58

L'Euro remains under pressure against the dollar this morning in the wake of deteriorating sovereign rating of Spain by Fitch on Friday evening. In general, what are the concerns about the budgetary positions of Member States of the Euro area's most vulnerable continue to penalize the single currency on the foreign exchange market. The rebound engaged May 26, in a context of renewed temporary confidence on equity markets in Europe, already seems to have exhausted its potential, and traders should be prepared to deal with new releases on the currency pair euro / dollar.

Around 11:30 am, the spot EURUSD is approximately 1.2300.

From a graphical perspective, cross track for hours since May 27 in the afternoon, a figure sharply downward, which organized over an area of support near 1.2280. In the case of a rupture in the short term this very significant level in terms of graphic, we could witness a new wave of releases, towards an area close to 1.2200.
In this context, the team Tradingsat.com delivers a negative opinion for the next few hours and offers traders to initiate short positions by targeting 1.2205, while placing protective stops above the 1.2335.
On the macroeconomic front, no major event can be reported on the daily schedules. Traders should note that U.S. markets will remain closed on Monday due to a holiday (Memorial Day

Graphique en données horaires :