IC Trade: Euro tests support.
Investors Chronicle - magazine and web content, June, 2009
Byline: Dominic Picarda
TRADING IDEA: Drop to key level suggests a corrective rally could now ensue
The Euro (89.7p) has dropped to an important medium-term support level in the form of its weekly Ichimoku cloud (between 86.3p and 84p as of now).
A rally could begin from this level to take the currency back to 90p or so. But if the cloud does not hold up, then we can expect the single European currency to head for 80p, where the next major trading range occurs. Weekly momentum is at levels where previous rallies have begun, although it is not yet oversold.
IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation of patterns on a share...
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