The euro could fall to its Nov. 14 low of $1.0990 in coming days due to a lack
of positive catalysts, ING says. The currency is "now heavily testing the $1.10
support" level despite data Monday showing improved German business confidence
in November, which has "added to signs of a bottoming out" in Europe's largest
economy, Francesco Pesole, FX strategist at ING, says. The Ifo Institute said
Monday that its measure of German business confidence rose to 95.0 this month
from an upwardly revised 94.7 in October. "We suspect this week's agenda does
not offer enough positive euro catalysts to avert a EUR/USD move to the 1.0990
Nov. 14 low
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
No comments:
Post a Comment