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EURUSD on Rise

Discussion in 'Market Predictions and Reports' started by ITtrader, Jun 27, 2011.

  1. ITtrader

    ITtrader intellitraders representative

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    The US dollar gained against most of its major counterparts as the concerns about the outcome of Greece’s vote for the bailout. The hopes for Greece among some investors allowed the euro to bounce after the decline.

    The European Union leaders approved the €78 billion package for Greece, but now the Greek parliament should accept the measures necessary to get the loan. Many investors don’t believe that the austerity will pass the vote and such outlook drives them to the safety of the greenback. Yet other traders hope for the better and currencies fluctuate as one or another sentiment gets upper hand.

    I see a great IT Cross on a weekly chart as well as a great parallel trendline channel to support the buy. Overall for the week I see it going up. See chart below for IT Cross setup.

    [​IMG]
     

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