Forex Trading: EUR/USD Breaking Down Toward October Lows

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Forex Trading: EUR/USD Breaking Down Toward October Lows

By Greg Michalowski on February 17, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

With a report out earlier in the Asian session pointing to the possibility that financial turmoil in Europe could continue to worsen and a Moody’s report warning that weakness in East European Banks could spill over to their Western financial counterparts the Euro broke down over 100 pips against the USD. The retracement analysis below which we have been referring to for sometime, shows the EUR/USD pair moving toward the October 2008 lows. Although there could be some retracements north, the downward bias is very evident and weakness in global markets coupled with the occasional negative statement leave the pair with little support.

eurusd70

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1 Comment :

Comment by Johnny Karrax Forex Expert

2009-02-23 10:43:22

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Johnny

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