6 Responses to “EUR/USD - Sixth Touch of Support”

1. on 12 Feb 2009 at 3:20 pm1vinesh

   If we do see a stimulus pkg pass would’t this weaken the dollar? as traders risk appetite would increase and would start taking money out form the bond market

2. on 12 Feb 2009 at 4:28 pm2Richard Wilson

   i would love to reply, but i need some more kinowledge on the bond and forex market where can i find such information.
   i think there is more to tradind that just robots and indicator i need some real information.
   regard
   \R Wilson

3. on 13 Feb 2009 at 2:33 pm3James Chen

   Hi Richard,

   You can find a wealth of knowledge on the forex market right here on FXstreet.com. Thanks for visiting, Richard!

   James Chen

4. on 13 Feb 2009 at 2:42 pm4James Chen

   Hi Vinesh,

   Thanks for your question! I usually focus on the technicals alone, only because there are so many fundamental factors that may or may not contribute to the value of a currency. Any fundamental event may have the expected effect on a currency, but it may also have the opposite effect or no effect at all. Therefore, I tend to concentrate on how traders may react to price action. But thanks so much for your question and for visiting this blog!

   James Chen

5. on 14 Feb 2009 at 11:17 pm5RubiconsCross

   Yes you are right, a break of the trend line could indicate further downside. However, just as possible is a nice bounce not only off of this trendline (after 6 touches) but also the 76% Fib from recent swing low. Also on weekly chart a bullish piercing pattern has developed with a higher high and higher low on Friday’s doji close. In addition, at G7 in Rome the ECB and Trichet remain more conservative than the US on interest rates and so-called stimulus spending.

6. on 15 Feb 2009 at 2:53 am6James Chen

   Thanks for your comments, RubiconsCross!

   James Chen

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