Euro Outlook
The euro stays in an uptrend mood, with sentiment weighing on the dollar by concerns over the weakness of the u.s. subprime mortgage sector which might hurt the wider u.s. economy… the dollar is now seen as a weak currency and participants expect it to fall further… the euro hit a new high of 1.3852 yesterday and no signs of exhaustion detected yet: still looking for 1.3860/85, perhaps a correction there, then 1.3910/50 and 1.3990, then possibly higher… the consolidation which we expect should have a potential for a retest of 1.3690/65 area; but due to the market’s present sentiment towards the dollar, the correction may be a small one, and in that case it may end at 1.3750/30… the short-term trend will change on an intrtaday fall below 1.3770 calling for a revisit of 1.3735/05… the euro’s medium-term trend will remain to the upside unless an hourly close below 1.3750 occurs, and that will imply a retest of 1.3690/65… for the longer-term the euro will stay in a euro-bullish mood unless a daily close below 1.3525 is registered…
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