ForexDC: Eur/Usd Feb 28th

Monday, February 28, 2011

Eur/Usd Feb 28th

The pair is trading @ 1.3837; today went from a low of 1.3710 to a high of 1.3855.
Traders are betting on some sign from trichet next thursday that will give an indication of an imminent rate hike.
The trend is bullish, I see next resistance @ 1.3867 and after that 1.4000. If the rate hike expectation will not be confirmed clearly the pair is set to fall down to 1.3400. Today all the available econ stats are published, they are a little bit in favour of the Euro against the dollar. On the energy side I see the wti weaker than the brent. This last indicator is proabbly in favour of the dollar.
I do not see a huge upside, While i see a lot of space on the downside, so I will sit and wait for a good opportunity to sell.
Happy trading

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