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Thursday April 8 , 2010

Greece and the reality of the Tsunami

Euro faces a significant negative pressure and will continue its decline against the U.S. dollar after the European economy has shown a standstill for the fourth quarter growth in the past according to data released yesterday from Europe. The firmness of trading below the level of 1.35250 keeps on the downward trend for the pair. the pair of the euro against the U.S. dollar remains stable below the level of the of 1.34850 and 1.34100 at the corrective level of 61.8% Fibonacci, therefore We expect a further drop for a couple to the level of 76.4% correction Fibonacci at 1.30000.

If we return to the moving average 20-50 we can see that the moving average is negative, the intersection of 20 below the moving average 50, this moving average is a strong resistance force for a pair at 1.3525, all of these expectations supports the bearish trend for the pair the euro against the U.S. dollar.

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