Observers of the euro say that a three-day correction of the euro may have ended.This is something there.
At the time of this writing, the euro / dollar was trading at 1.4348, with an increase of 0.23% compared with previous close of the trading day. The intraday low was made by a pair on Monday at 1.4254. Tendency to decrease is clearly waning now.
In the event the tendency to decrease further fall may continue.
Judging by the charts, the euro / dollar is weak below 1.4601, and steady decline below 1.4313 would aim it at least at district 1,4080-1,3987. In case of further reducing the couple made a technical break down on the monthly chart, then there is a continuing upward trend of 11 months the euro will be formally completed.
Of course, before that can not reach.
First, the dollar index ICE, which previously rose to 75.158, I would say, are not confident trading above the important resistance at the annual district 74,170-74,484. I would believe in the long term of the dollar, if the index overcame resistance to a minimum in 2010 75.631.
In the end, a correction of the euro was expected, judging by the charts.
April 8 when the euro / dollar was trading around 1.4450, I wrote in this column that a steady growth above the high of 1.4583 in 2010 to pick up a couple of 1,5149-1,5257. The current maximum of the upward trend - this is the maximum 4 May 1.4946, which is located between 1.4583 and 1.5149.
On Monday, the agency S & P downgraded the credit rating of Greece. This was not a big surprise.
The bottom line is that the downgrade of Greece by S & P should not stop the growth of the euro to the target levels in the area of 1.5000 dollar.
