Tuesday September 28, 2010 - 21:44:11 GMT
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Forex Hound - www.forexhound.com
Weak Economic Reports Trigger Surge in Euro
Weaker than expected U.S. economic reports
triggered a surge in the EUR USD, taking out Monday‚Äôs closing price reversal
top and a major 50% retracement level at 1.3510.
The news that the U.S. economy weakened overshadowed concerns
about sovereign debt issues in Spain
This remains the only factor that could exert a bearish influence on the
Euro. As long as the U.S. economy
remains weak, the greater the chance the Fed will use quantitative easing to try
to prevent the economy from derailing. QE puts more liquidity into the economy
thereby weakening the Dollar.
Technically, if the Euro can sustain itself
above the 50% level at 1.3510, then look for the rally to continue to the
Fibonacci level at 1.3816.
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