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EUR/USD: Oil prices weigh on the Dollar

11 Jul, 2008 @ 10:16 am EST

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FXstreet.com (Barcelona) - The Dollar has plunged as oil prices hit a fresh record high, with the Euro hitting 1.5868. The ActionForex.com Technical Team expects the upward move to continue: "EUR/USD's rally extends further as expected and reaches as high as 1.5868 so far. With correction from 1.5908 completed at 1.5611, rise from there is expected to continue further to retest 1.5908 high first."

On the downside, the ActionForex.com Technical Team forecasts: "Below 1.5763 will turn intraday outlook neutral first. But another rally is sitll expected as long as downside is contained by 1.5611 support."

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