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Euro Weekly Chart indicates Investors Still Nervous

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Apr 30, 2010.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com

    Despite signs of a bottom on the daily chart, the Euro finished lower for the week. The daily chart is reflecting a short-covering rally; the weekly chart is indicating that investors still lack the conviction to turn the Euro into a buy.

    On Friday the EUR USD closed up but well off its high. Although the EU feels that a bailout agreement with Greece will be reached this week-end. Some traders feel that there is too much risk to hold a long position until Monday. Most traders feel that more downside risk exists in the Euro because of lingering problems in the Euro Zone with Spain, Portugal and Ireland.

    A hard break in U.S. equity markets Friday helped to weaken the AUD USD. After testing a downtrending Gann angle at .9317 early in the session, the Aussie began to weaken when stock indices failed to follow-through to the upside.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.
     
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