Fx EUR analysis 28 June 2011
FXFXFX.com 2011-06-28 12:36:28 AM GMT +0800

Fx EUR analysis 28 June 2011

Supported by weaker USD sentiment; stronger investor risk appetite; news that French banks plan to reinvest half of proceeds from maturing Greek government bonds into buying 30-year Greek bonds; sovereign demand for euro. But EUR/USD gains tempered by caution before Greek parliament''''s vote tomorrow on crucial austerity package and second vote Thursday on implementing legislation. Data focus: 0610 GMT German July Gfk consumer confidence, 1845 GMT ECB President Trichet speech. EUR/USD daily chart mixed as MACD & stochastics in bearish mode, but bullish-engulfing candlestick pattern completed yesterday. Resistance at 1.4401 (55-day moving average), then at 1.4442-1.4451 band (Wednesday''''s high-June 15 high); breach would target 1.4498 (June 14 high), then 1.4552 (June 10 high). Support at 1.4203 (100-day moving average), then at 1.4165 (hourly chart) and 1.4102 (yesterday''''s low); breach would expose downside to 1.4073 (June 16 low), then psychological 1.4000.