Some notes on recent decline on the EUR.
Fundamentaly is because of US data this afternoon, and because early today, the boss of ECB said they "monitoring the inflation closely" - similar to Helicopter Ben, don't you think?
First USD index chart. A bounce occure from the current levels (chart is old, I draw it). Now, it must continue to fall to lower boundary.
Yesterday, I checked to do an estimation where this lower boundary must be on EUR/USD. I got somethin like 1.38 - 1.40. We will see.
EUR/USD - 8 hours chart. We have several supports bellow current level. The upper boundary of the old triangle (brown), short term raising channel support (blue), the old triangle bottom (pink).
While I am writting this we are back to 1.36, we will see how futher it will raise.
2007-07-05
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