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Originally Posted by Abou-Eddie  The Euro is now at 1.318 and I see it hitting 1.30 very soon. As I mentioned many times before, this was the target with a few normal jitters along the way.
Now, it is the opposite direction which started with the first step 1.30-1.35. I expect it to take a breather for 2-3 months at this level. My feeling is that it should then reach another range level say 1.18/1.22 by June 2009. |
Historically speaking , the EUR/USD fluctuates the most in the period of November - January , so i dont think there will be any breather any time soon , especially when the ECB reduce its rates in December.
Now the level to break is 1.3053 , which is the 38.2% fibo retracement from its record time low at 0.822 to its record time high at 1.6050 , i expect a lot of fluctuation at this level .
Let us watch and see if the Euro will close below the resistance level of 1.325 and below the downtrend trendline at 1.33 by the end of the week , if it doesn't manage to go up and break the 1.325-1.33 level till the end of this week , there will be a very big probability it will push down to below the 1.30 psychological barrier .