Excerpt from: Forex Forecast
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| July 20, 2010 | | How soon can euro hold on to $1.30? | The euro is looking to find support at the 1.30 level, but first it has to hold on to that level. Earlier today, the euro did break through the psychologically important mark, but it has since fallen back below 1.30 as economic worries set in.
Indeed, risk appetite is being affected by the weaker housing data in the U.S., as well as disappointing earnings from IBM and Goldman Sachs. With European stocks lower, and U.S. stock futures pointing to a lower open, it is little surprise that risk appetite from earlier is cooling off.
However, the euro forex trading forecast is not terribly bleak. The most recent Spanish auction was a success, and the Irish auction was also successful. German PPI data was surprisingly good, and that is helping as well. There are thoughts that perhaps the euro will be able to hold on to the 1.30 level sometime soon after all.
| Topic Tags: euro forex trading, euro zone, forex forecast, forex trading, trading forecast | |
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