The euro is supported after profit taken process and intervention rumors

By IBTimes Staff Reporter | May 21 2010 1:35 AM

EUR/USD (1.2625)European & US sessions forecast levels: 1.2145/1.2800Trend Sessions: European: Neutral/UpwardUS: NeutralMarket Focus: 2:00 AM Germany GDP, 2:58 AM EU Flash Manufacture PMI, 3:00 AM Current account, Germany IFO Business Climate, IFO Current Conditions, IFO Expectations. Daily Strategy: The euro recovery from the 4-years bottom against the dollar. The rumors for possible intervention by the Australian Central Bank to safe the Australian dollar help to the euro to recovery. Also the profit taken starts most of the traders. The concern about the U.S. growth is also factor that stopped the dollar rises. These factors probably will keep in a few days as we may see the dollar to lose up to 1.28.

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