| Sep 2 2010, 22:05:33 GMT | Sydney: | 08:05 | Tokyo: | 07:05 | Barcelona: | 00:05 | London: | 23:05 | New York: | 18:05 | San Francisco: | 15:05 |
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Euro in trouble as U.S. dollar looking to recover
The U.S. dollar will strengthen against the euro and commodity-backed currencies by less than previously estimated over the next three months
The U.S. dollar will strengthen against the euro and commodity-backed currencies by less than previously estimated over the next three months, UBS AG said, revising earlier forecasts. The greenback, which has dropped against all 16 of its most-active counterparts this year, will rise to $1.40 against the euro in three months from $1.4790 as the bank said.
Trading Tactics
Sell EUR/USD on signs of a double top.
The buying point is at 1.4840; previous resistance is the take profit at
1.4920;
Fibonacci 23.6% is the stop loss at 1.4778
The selling point is at 1.4776; Fibonacci 61.8% is the take profit at 1.4700; previous resistance is the stop loss at 1.4820
Technical: Euro breaks the previous support and forms a lower resistance. A move back lower could set up a test of 1.4700
EUR/USD (Hourly Chart)
