EUR/USD Daily forecast,
How the prices reacted after Mario Draghi comments? / MBCFX/02/08
/2013
EUR/USD Technical Analysis: by using the Ichimoku indicator , and the Dead Cross,
The EUR/USD dropped yesterday towards the 1.3369 level, after the comments of the ECB’s president Mario Draghi who claimed that there are some potential risks which may affect the expectations of the Bank to support the euro zone, as well as the exchange
rate is not a
target in the monetary policy, but it is important for growth and price
stability.
He also claimed
that the bank wants to know whether this rise is sustainable or
not.
Also the
European Central Bank decided to keep its key interest rate at a record low of
0.75%, and therefore all these factors led to the decline of the euro against
most other currencies especially the Yen and the
Pound.
Concerning the
technical analysis, we notice on the 4 hours chart that the prices have formed a
Dead
Cross between the 2 supports of the Ichimoku, which supports
the bearish trend.
We expect that
if the EUR/USD prices breaches down the 1.3385 level, the next target will be
towards the level 5 of the Ranger Top at $1.3306, as it is indicated on the
chart above.
Any rally of
the EUR/USD prices would represent good opportunities to sell and take some
profits on the short term trading.
For more info
or further fundamental and technical analysis on Forex, Commodities, and
Stocks,
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