Euro Outlook
Last week, concerns about the u.s. subprime mortgage sector pushed investors to get rid of their foreign assets to ensure liquidity; and on that, the dollar recovered driving the euro down to a low of 1.3608… the euro’s slide has been expected as its last rally from 1.3371 which extended to 1.3852 needed a consolidation… however, the correction was very rapid and rather big (below its ideal retracement area at 1.3665); and this can mean that the upmove met a major top at 1.3852, i.e. that the downtrend may still continue for a while… the next support levels to watch below 1.3608 are 1.3585/55 then 1.3485 which is pivotal on long-term perspective… but, we will continue to consider the fall to 1.3608 as a completed correction, and we will be expecting the rally to revive from there, gaining momentum in the next sessions and retargetting 1.3857, on its way to next resistances at 1.3910/55 and 1.3985/95 then higher… the euro’s long-term trend will remain in a euro-bullish mood unless a daily close below 1.3525 is seen…
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