Forex: EUR/USD, bullish momentum suggests shallow pullbacks
Fri, Jul 22 2011, 00:46 GMT | FXstreet.com
FXstreet.com (Barcelona) - The Euro soared across the board reaching 1.4435 against the dollar, after the EU summit outcome: members had agreed to extend the loans to Greece from 7.5 to 15 years while interest rate has been lowered to 3.5% on new loans. The bullish momentum extended over the American afternoon and even on early Asian hours, but is now on the retreat towards 1.4385.
Valeria Bednarik, Chief Analyst at FXstreet.com still sees EUR/USD holding a strong bullish momentum: "The pair seems now correcting extreme overbought conditions before aiming higher; the upside is supported by general buying mood, as local share markets had the same tone of their oversea partners. Hourly chart, shows a still strong bullish momentum that should help keep the downside limited." more....
FXstreet.com (Barcelona) - The Euro soared across the board reaching 1.4435 against the dollar, after the EU summit outcome: members had agreed to extend the loans to Greece from 7.5 to 15 years while interest rate has been lowered to 3.5% on new loans. The bullish momentum extended over the American afternoon and even on early Asian hours, but is now on the retreat towards 1.4385.
Valeria Bednarik, Chief Analyst at FXstreet.com still sees EUR/USD holding a strong bullish momentum: "The pair seems now correcting extreme overbought conditions before aiming higher; the upside is supported by general buying mood, as local share markets had the same tone of their oversea partners. Hourly chart, shows a still strong bullish momentum that should help keep the downside limited." more....
