The euro fell back against the dollar up today and returns to a level close to 1.3050. If initially, the dollar was punished yesterday in the wake of news the Fed fears of sluggish economic recovery has weakened somewhat after the asset at risk is the single currency. Furthermore, in a tense situation in the short term the main stock markets on both sides of the Atlantic, and given the strong growth of the Euro in the last weeks, we could see a corrective phase significantly on the Euro / Dollar.
Around 11:40 am, the spot EURUSD is approximately 1.3050, and found its levels of earlier this month.
From a graphical perspective, the move below the moving average 100 hours (trend line on this very significant spot in the final hours) has signed the start of a downward wave. After a big pull back last night that moving average, parity has taken a bearish bias. We'll bet for the time on a continuing downturn in the direction of 1.2950.
Hourly data chart:
Daily data chart:
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