Yesterday in the evening after the data release on Existing Home Sales, the market doubted whether the United States seemed to be falling back into the economic recession again; as for the housing sector in the United States, it has deteriorated since the cancellation of stimulus caused by the abolition of tax which expired in April 2010. This resulted in the domino effect for other sectors such as manufacturing sector, and not just for that, the employment sector in that country aslo was influenced; if foreclosures continue and decrease of the house prices, then this will make the United States will enter the second round of economic recession. Therefore, when the release of housing data came last night, the currency pair has gone through the strengthening of the Euro against the US doтак не llar. But after experiencing an uprise, the market saw the Eurozone also has problems where currently the Greek banking system is under political pressure to merge soon (4 Banks) after the second quarter of 2010, where the performance report showed disappointing results. The analysts predict the economy in the Greek banking profit in the second quarter of 2010 will fall by 60% compared to same period last year, this will cause the euro falling again. So if we look Our Trade yesterday they had 2 Open Poistions at first when the Inner BUY Area was hit and in a few moments the Inner Target area already took it, and secondly when the Inner Sell Area was brjken by this pair and the target was hit when early in the morning the US market was closing. However the Bias of this pair (EUR/USD0 its still in a downtrend movement for the moment.
.gif)
Because the bias of EUR/USD is now in the downtrend, please be cautios about the level of 1.2612 (Ross Hook is the 2nd Fractals); if this level is broken through, EUR/USD can have a tendency to decline again at least to hit the next Psychological level at 1.2600 and then 1.2590 .
The important intraday levels for this pair today are:
Breakout Buy level : 1.2896.
Strong Resistance : 1.2688.
Original Resistance : 1.2676.
Inner Sell Area : 1.2664.
Target Inner Area : 1.2634.
Inner Buy Area : 1.2604.
Original Support : 1.2592.
Strong Support : 1.2580.
Breakout Sell level : 1.2572.
