reason to bounce, if nothing else because people wont want to be short of the market going into the weekend. As the crisis worsened, the global nature of the problem was revealed and the euro subsequently plunged in value. The currency pair hit its all-time low.8230 in October 2000. During the crisis, the offshore US dollar market began freezing up, and banks were no longer able to cheaply borrow US dollars. We are approaching major support, so itll be interesting to see if we can hold this level here. The exchange rate made a long-term bottom below.26 in October 2008. As French and German banks owned a significant portion of Greek government bonds, fears began spreading of a government debt default followed by a Eurozone banking crisis. By May 2014, the ECB began pursuing negative interest rates and quantitative easing (buying government and corporate bonds using the Banks balance sheet). That bounce shouldnt be thought of as an opportunity to start buying, it should be thought of as an opportunity to sell for higher levels. Given that the Eurozone is not a unified political entity, there were doubts regarding the euros staying power.
The intraday bias is positive, for a rise towards.1590 and a violation of the latter will challenge.1720 area. M provides the latest technical analysis of the, eUR uSD (Euro Dollar). You may find the analysis on a daily basis with forecasts for the global daily trend. You may also find live updates around the clock if any major changes occur in the currency pair.
As economic growth from the Eurozone has continued to positively surprise markets, the medium-term rally continued into late 2017. In general, I suspect that eventually somebody will come to pick up this currency. After Eurozone members introduced physical banknotes and coins in 2002 (and required all new commerce to be conducted in the common currency the euro began strengthening against the US dollar. Given the ECBs monetary policies during this period, few were willing to hold onto the euro as other currencies offered relatively higher rates of interest. While the formation of bailout funds quelled concerns in the past, fears were growing that Germany would no longer tolerate underwriting any further bailouts.
Once Draghi launched his monetary policy bazooka, the euro began a steep sell-off. By late 2009, reports that the Greek government had concealed the countrys true indebtedness began appearing in the media. The initial weakness of the euro against the US dollar was blamed on many factors including weak economic growth, low risk appetite and low productivity in the Eurozone. Following bitter negotiations between creditors (principally Germany) and debtors (Greece and Italy markets began doubting the Eurozones resolve in solving the crisis once and for all. From its peak around.40 in May 2012, the exchange rate bottomed below.05 by March 2015. During this time, the ECB launched its ltro (long-term refinancing operation) program, providing low interest rate loans to Eurozone banks. As we wrote ahead of the October 2017 ECB meeting, buying euros was a consensus trade in late 2017 that few were able to resist. EUR/USD, the exchange rate weakened below.21 by July 2012. 2011/2012 bear market and ltros, in the second quarter of 2011, the outlook for the Eurozone once again began weakening. The actions of the ECB ultimately brought confidence to the Eurozones banking system. Between 20, EUR/USD traded in a range between.05 and.15.
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