The Euro below $1.47 Now What?

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The Euro below $1.47 Now What?

Published on Wednesday, 09 December 2009 15:03 Written by TradersHuddle Staff

New York, Dec 9^th (TradersHuddle.com) – The EUR/USD dipped below $1.47 this morning and is really spooking investors that have been betting on the uptrend of the EURO to continue with further Dollar declines.

The Euro broke the 50 day moving average two days ago with the huge Dollar rally off the good unemployment report.

With more European economies getting downgraded, investors are wondering if EUR/USD will see a big decline, as clearly technical damage to the uptrend has been done. We might see a bounce in the EURO towards the 1.485 area, which should now start acting as resistance.

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