USD to strengthen vs. EUR

Financial Mirror (Cyprus) - - FRONT PAGE -

The US Dol­lar is ex­pected to strengthen even more against the Euro on a short-term ba­sis.

Af­ter the new high lev­els of the cur­rency at 1,3990 in May, the pair started fall­ing, mak­ing a fail­ure swing and then af­ter the break point of the swing at 1,3500 price level (point 2 on the chart) the pair con­tin­ued its de­cline. It fol­lows the di­rec­tion of a trend line and the first price tar­get of 161.8 on the Fi­bonacci ex­ten­sion level of the move 2-3 was met at 1.3380.

Af­ter that the US Dol­lar is ex­pected to strengthen even more against the Euro cur­rency prob­a­bly to­wards the 261.8 of Fi­bonacci ex­ten­sion level at 1.3180.

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