Thursday August 19, 2004 - 09:43:36 GMT
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INVESTICA Ltd - www.investica.co.uk
Euro to tackle resistance
Markets will struggle to find direction in the very short term with a lack of fresh incentives and low liquidity. The US economic data will be important and a weak Philadelphia Fed figure would undermine the US currency. Underlying doubts over the economy will also persist. The Euro is still likely to hit tough resistance on any move to the 1.2385 area. Another failure at this level could also prompt more aggressive profit taking on long Euro positions. Short-term support should, however, hold at 1.2315.
The Euro dipped briefly below the 1.23 level against the US currency, but rallied back to 1.2350 in early Europe on Thursday. There have not been any fresh trends over the past 24 hours with position adjustment tending to dominate.
There are still uncertainties over the US economy and the Philadelphia Fed survey will be important today, especially as the New York index was weak on Monday. The consensus for the Philadelphia figure is around 30 and a figure below 20 would be dollar negative, especially as it would revive doubts over the US economy.
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