he uncertainty in the world right now is creating risk aversion, said Ryohei Muramatsu manager of Group Treasury Asia in Tokyo at Commerzbank AG, Germany’s second-largest bank. This could certainly be true since the Eur/Usd seems to be unable to make a dominate move in one direction or another. The pair has been moving back and for in a range since June 5th. The resistance of this range has been 1.4138 and the support is 1.3748
Range trading conditions are occurring because traders world wide are waiting to see which way the global news is heading as far as global economy recovery and so far the signs have been pointing to continued global. The election in Iran with the controversy of the elected President Mahmoud Ahmadinejad. The activism and protesting is creating fear in the world and this has a profound impact in the global markets which has traditionally favored the Japanese Yen.
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