Saturday, June 12, 2010

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Forex :- Down trend on long term looks certain for Euro

The euro plunged to its weakest level since November 2001 versus the yen and touched a four- year low against the dollar on concern Europe’s sovereign debt crisis will spread, denting global growth. The yen climbed versus all of its most-traded counterparts as Asian equities extended a global slump after a report June 4 showed that employers in the U.S. hired fewer workers in May than economists had forecast.
Europe’s shared currency fell for a third day after officials in Hungary’s government last week compared the country to Greece while claiming the previous administration lied about public finances.


Technical analysis show the euro may continue the major downtrend without any reversal signal with confirmation of many indicators like MACD, which gives a selling signal; RSI is in a downtrend. Stochastic oscillator crosses %D line downwards and Bollinger give us a bearish signal.

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