Forex FundamentalsOn Monday, markets started the week with a complete risk-off day. There were no important economic data in Europe, but that didn’t prevent a new down leg of most European assets. In particular the EMU equity markets were hit hard.
Forex Fundamentals
Still Hanging to Short-Term Constructive Euro Outlook; Oil Also Interesting
- Latest wave of downbeat news weighs on risk correlated assets
- Markets however still largely locked in some consolidation
- We remain upbeat and still look for Euro rally before weakness
- Oil chart looking highly compelling; could be buy opportunity soon
Forex Technical Update
EUR/USD: The EUR/USD is currently trading at 1.2519levels. The European currency is trading lower against US dollar ahead of the EU summit to be held this week.
Forex and Dow Jones Recommended Levels
EUR/USD
Today's support: - 1.2462 and 1.2453(main), where correction is possible. Break would give 1.2439, where correction also may be. Then follows 1.2420. Break of the latter would result in 1.2402. If a strong impulse, we would see 1.2375. Continuation will give 1.2354.
EUR Summit leads to Stops
And we thought last week was going to be a specifically difficult week to get a handle on things? This market is already beginning to feel like it wants to throw another major wobbly now that the single currency has managed to register a cent decline since Sunday’s open.
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