Euro Dollar: Fears about the U.S. recovery is good for the Euro Tuesday, July 6, 2010 at 12:59

The weak dollar pushed the euro to around 1.2610 this morning. Currency traders have tended to abandon the dollar temporarily shelter. Indeed, the economic environment in the United States does not seem to be favorable than expected by operators. The sustainability of economic recovery began to be questioned, especially with the latest macroeconomic statistics released last week.

Around 12:30, the spot EURUSD is approximately 1.2590.

From a graphical perspective, we are still bearish in the medium term the Euro dollar towards 1.2145 or even 1.1877 until 1.2672 are not exceeded. The level of 1.2672 corresponds to both: to 23.6% retracement of the decline since December 2009 on top of the cross but also an important resistance level graphics.
Lures a long weekend of three days tied to the U.S. national holiday, U.S. markets will reopen today at 16:00 and operators will learn about the ISM services index

Hourly data chart:


Daily data chart: