Thu, 09 Aug 2012 00:00:00 +0200
EUR Takes Losses Following German Data
The euro took losses against several of its main currency rivals yesterday, after worse than expected economic data out of Germany led to risk aversion in the marketplace. That being said, analysts were quick to say that expectations for future ECB action to lower Spanish and Italian borrowing costs would likely limit any euro losses. Today, traders will want to pay attention to a batch of US data that has the potential to inject volatility in the marketplace. At 12:30 GMT, the Trade Balance and Unemployment Claims figures will be released. If either signals growth in the US economy, risk taking may resume, which could help the euro recoup some of yesterday's losses.
A bearish cross on the daily chart's Slow Stochastic indicates that this pair could see downward movement in the near future. Furthermore, the Williams Percent Range on the same chart is in overbought territory. Traders may want to open short positions.
Most long-term technical indicators show this pair range-trading, meaning that no defined trend can be determined at this time. Traders may want to take a wait and see approach, as a clearer picture is likely to present itself in the near future.
The Bollinger Bands on the daily chart are narrowing, indicating that this pair could see a price shift in the near future. Furthermore, the Williams Percent Range on the weekly chart has dropped into oversold territory, signaling that the price shift could be upward. Going long may be the smart choice for this pair.
The daily chart's Slow Stochastic has formed a bullish cross, meaning that an upward correction could form in the near future. In addition, the Williams Percent Range on the same chart is currently close to being in oversold territory. Going long may be the wise choice for this pair.
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