Euro suffering as the dollar takes off via ForexLive

Loading...
Loading...

In relative terms the pound is holding up fairly well but the euro looks to be in heaps of trouble.

We've hit the 61.8 level of the July 2012 fib having hit a low at 1.3221. That's below the 1.3226 I have as the fib but 5 pips between different brokers and spreads is small enough that it's a hold of the level.

EUR/USD Daily chart 22 08 2014

The euro can't buy a bounce for love nor money so it needs all the help it can get. If we do break the 1.3220 level then 1.3200 then we could be in a whole world of pain.

As I type it's putting in a spirited comeback and is trading 19 pips above the lows.

USD/JPY looks like it's running out of steam and that could be from profit taking by Europe into the weekend. The bulls will want to see a close above 104.00 tonight.

posted via ForexLive

Posted In: FuturesForexGlobalEconomics
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...