Euro Dollar: The decline of the euro still relevant Tuesday, June 22, 2010 at 11:42

The announcement by the Chinese regime to a relaxation of its currency regime will not allow the European currency to stabilize the $ 1.24. The medium term trend remains bearish and the corrective movement started yesterday should continue. The fiscal position of a number of European countries still worried operators and the prospect of economic recovery on the Old Continent is not currently the preferred option for investors.

Around 11:20, the spot is approximately 1.2300.

From a graphical point of view, our opinion on the EUR USD has not changed. We are still bearish medium-term direction of 1.2145 or even 1.1877 until 1.2672 are not exceeded. In given time, the upward sloping black was visible down as we had expected yesterday morning.
In the short term, as long as 1.2353 are not exceeded on a return 1.2242 is expected, should it not stand the cross should move to 1.2145, consistent with our primary objective medium term.
In this context, the team Tradingsat.com delivers a negative opinion for the next few hours and offers traders to initiate short positions in the Euro / Dollar 1.2242 targeting, while placing stop loss at- above 1.2354.

Hourly data chart:



Daily data chart: