The Euro has got support points at 1.2360.9, 1.2340.9 and 1.2165.8. Resistance points at 1.2401.5 and 1.2430.1.
ECB might intervene if the drop goes to far. The EURO low came July 24 at 1.2041.3. This is my personal take on their actions. I think ECB started to buy just before the bottom and accelerated buying until the short covering started and then sold at the top. The August 2 correction down to 1.2147 was bought by ECB to get a new high which came last Monday. I think they have sold again at the top and are waiting for the market to fall before next intervention. ECB has very good traders and analysts and I believe they just want to protect the bottom not get a big trend reversal. This is my opinion. Because of this my advice is that trading the euro is not for investors, only for day trading professionals.
However this does not take away the euros main reason for me to watch it because it tells a lot about the stock markets coming performance and will always do.
ECB might intervene if the drop goes to far. The EURO low came July 24 at 1.2041.3. This is my personal take on their actions. I think ECB started to buy just before the bottom and accelerated buying until the short covering started and then sold at the top. The August 2 correction down to 1.2147 was bought by ECB to get a new high which came last Monday. I think they have sold again at the top and are waiting for the market to fall before next intervention. ECB has very good traders and analysts and I believe they just want to protect the bottom not get a big trend reversal. This is my opinion. Because of this my advice is that trading the euro is not for investors, only for day trading professionals.
However this does not take away the euros main reason for me to watch it because it tells a lot about the stock markets coming performance and will always do.
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