Tuesday, June 01, 2010

EURO is sliding again...

As at 8.46am GMT, USD/EUR cross rate was trading at 0.825. This is above the high of 0.823 recorded on May 26. See Chart 1 below.


Chart 1: USD/EUR as at June 1, 2010_8.46am GMT (Source: Yahoo Finance)

From the chart below, we can see that EURO index found support at the horizontal line at 121. Without a rebound, we cannot call this a double bottom reversal. If the breakout in the USD/EUR cross rate is signaling further weakness for EURO, then we can expect the EURO index to break below the 121 horizontal support. At this moment (5.00am EDT), the major European stock markets (FTSE, CAC & DAX) are all down by 2%.


Chart 2: EURO index's daily chart as at May 28, 2010 (Source: Stockcharts)
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8 comments:

  1. kyongTuesday, June 01, 2010 9:49:00 PM

    Dear Alex,

    Thanks for your Info.

    May be your visitors can get some extra info on the same subject from this link:-
    http://millionaireclub88.blogspot.com/2010/06/now-eurousd-may-head-below-to-12000.html

    Thanks

    ReplyDelete
  2. Alex LuWednesday, June 02, 2010 8:05:00 AM

    Hi Kyong,

    Thanks for the heads up. Is millionaireclub88 your blog?

    ReplyDelete
  3. kyongWednesday, June 02, 2010 11:06:00 AM

    Dear Alex,

    Yes, The below blog:- http://millionaireclub88.blogspot.com
    It is my blog which was started hardly one month ago even though my trading activities has commenced many years ago.

    This blog will touch mainly on Forex/Futures/Commodity/Options/Foreign Stocks Trading. Sometimes certain interesting Stocks listed in Bursa KL will be featured BUT quite low in frequency.

    There are also some interesting trading books(Good for both Stocks/Forex/Others)FOR FREE DOWNLOADING FROM MY LINKS in the above blog

    Thanks for your comments/Feedback

    ReplyDelete
  4. LaymanWednesday, June 02, 2010 12:00:00 PM

    dear Alex,

    What is your input on KNM based on price now .49? Is it worth buy and keep for period of 1-2 years?

    Thanks alot.

    ReplyDelete
  5. East Point TradingWednesday, June 02, 2010 1:52:00 PM

    Hi kyong

    Nice blog, I just add your blog link to my blog.

    ReplyDelete
  6. kyongWednesday, June 02, 2010 3:39:00 PM

    Dear Durian Edge,

    Thanks for your compliments, Your Blog looks excellent too !

    Thanks..

    ReplyDelete
  7. Alex LuWednesday, June 02, 2010 5:37:00 PM

    Hi Layman,

    I am not sure about KNM's fundamental. From the historical chart (plotted on log scale), KNM's long-term uptrend line support is at RM0.46-47. On that basis, I think slow accumulation at the present level (around RM0.49-50) may be a good idea.

    ReplyDelete
  8. kyongSaturday, June 05, 2010 1:19:00 PM

    This comment has been removed by the author.

    ReplyDelete