Euro Dollar: Trend is your friend! Wednesday, June 2, 2010 at 11:24

The camp seller continues to monitor the discussions on the currency pair euro / dollar. The single currency still under pressure because of budget problems on a number of Member States of the Eurozone, even touch yesterday meeting a new "low" to 1.2111, a level of weakness against the dollar which had not been an issue for over four years (April 14, 2006 precisely). If the Euro was slightly taken in the wake of the publication of good U.S. indicators yesterday afternoon, the dollar continues to suffer from a lack of confidence among investors who fear damage as standard on the sovereign ratings Old Continent.

Around 11:10, the spot EURUSD is approximately 1.2235.

From a graphical perspective, the cross marks on the daily plan, over an area of support identified near 1.2150, a figure chartist sharply downward. No technical index is campaigning for an hour for a movement contestaire buyer type technical rebound, and we benefit from an attractive entry point in terms of time, to put the sale on the Euro and s' insert in the current downward momentum, supported by a powerful seller consensus and determined.
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 1.2112, while placing the stop loss above 1.2275.
On the macroeconomic side, traders will learn about the promises of U.S. home sales at 16:00. (Paris time)

Hourly data chart:



Daily data chart: