Current Price : 1.3500
Technical : Technically price will move up to 1.3559 - 1.3633 - 1.3773 (ranging) as an
extension in wave III of larger degree to enter OverBought area of Stochastic Oscillator (TF
H1 and H4). We see this as a consolidation before deep thrust takes place.
Fundamental : The euro sank to a 13-month low against the dollar in Asian trade Monday, hit by signs of escalating financial turmoil in Europe. After the US Congress finally passed a Wall Street bailout bill, traders were turning their attention to the problems among European banks.
"The euro is expected to continue to extend its losses against major currencies," they predicted.
Worries over whether the Europeans can contain the turmoil grew after the leaders of France,
Germany, Italy and Britain vowed Saturday to protect fragile banks but did not discuss a continent-wide financial rescue package. Given the various economic conditions in each of the eurozone member countries, "it looks difficult for authorities to take dramatic and quick action like the US." "Wall Street at this point is shifting its attention from whether Congress was going to act on the emergency stabilization bill to the realization that the economy is slowing significantly
faster than most analysts had expected."."The downturn has shifted from first gear to about third gear in about two weeks."
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Here you will find our EURUSD analysis using Elliot Wave Principle and some indicators-to optimize any open position-Stochastic Oscillator, ADX and MACD. Content in this blog is for informational purposes and an analytical tool only and not intended to replace individual research.
