KrunchieKilleen

Euro/USD: How low will it go?

FX:EURUSD   Euro / U.S. Dollar
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As I predicted in my previous post, the Euro             has begun to move down against the Dollar. How low will it go? Drawing simple trend lines , I suggest that it will slip to $1.285, before settling back at $1.33. It could go lower than $1.28 for a number of reasons:
* The momentum of the downswing may carry it further than the Support Lines suggest, and bring the norm down as well;
* EU sceptics triumphed in the recent European Parliament elections, renewing doubt over the future of the Euro             ;
* Lack of progress towards lifitng inflation means the ECB will consider reducing EU bank rate and support the slide in the value of the Euro             .
I also show 30 day and 50 day Moving Averages. Under Mark Shipman's (long-term investment) policy, we would not yet consider selling Euro             . However, by the time his Sell trigger comes into effect (Short-term MA moving under the longer-term MA), the Euro             will be bounding back.
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