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Monday, May 7, 2012

Euro break support

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Euro broke a strong support level against the dollar. The 1.30 figure, over the past 3 month, worked as support and price was bouncing off every time was approaching this level. Markets are probably worrying about French presidential and Greek Parliamentary elections results.
There was quite of a huge gap down right at the open, but shall we trust this as a signal price will drop further or shall we expect a rapid retracement back to the Friday close?
Investors are looking for safety in this uncertain moments buying U.S. dollars and Japanese Yen witch are widely perceived as safe heaven currencies, on the other side we see depreciation of the most risky assets like the commodity currencies (AUD,NZD and CAD).
Volatility is expected to rise significantly during the day not only on Forex; all major indexes are testing important support levels (see DAX, NASDAQ, ITA 40 for example).

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