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EUR Weekly Wedge

by Ashraf Laidi
Feb 2, 2009 14:09

EUR Weekly Wedge - EUR Feb 2 (Chart 1)

EURUSD remains supported at $1.2660 TL, which is bottom of wedge from mid December. A breach below faces multiple support points ($1.2480, 1.2390 and 1.23). No ECB rate change seen a positive price development but escalating fears of EUR bank downgrades & reduced risk appetite from US data seen testing the lows. Next run-up target stands at $1.35

 

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