Euro Nears the Support

by Ashraf Laidi

Apr 15, 2009 13:28

Euro's retreat will likely intensify now that the ECB has officially announced it will unveil a package of non-conventional monetary policy measures in May, i.e. credit easing as the refi rate reaches 1.00% and the deposit reaches 0.0%. The trend line support (yellow) at $1.3170 is at risk of being breached, which would pave the way for the 50% retracement from the March 4th rebound, at $1.31. Subsequent losses seen stabilizing at $1.3030. Upside capped at $1.34.

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