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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (44952)	5/21/2003 3:48:42 PM
From: Lucretius	Read Replies (1) \| Respond to of 52237

why?

To: Haim R. Branisteanu who wrote (44952)	5/22/2003 5:30:37 PM
From: Haim R. Branisteanu	Respond to of 52237

EUR/USD European Central Bank officials are beginning to publicly entertain the notion of a rate cut after months of defending their inaction. Bundesbank President Ernst Welteke, who also sits on the European Central Bank's governing council, said the central bank will deliberate over whether a rate cut is needed at its June 5th meeting. The Bank's wait-and-see stance has drawn a chorus of criticism from businesses and national governments, but in light of recent GDP data showing growth stagnated in the first quarter, the ECB could finally ease rates. Moreover, Welteke also admitted that further strengthening in the single currency could damage German exports. French Finance Minister Francis Mer also urged the central bank to cut rates today, saying it would help stabilize the euro/dollar exchange rate. EUR/USD meandered around 1.07 throughout the New York session after an overnight rise. The pair's rally has stalled at its launch rate of 1.1744 three times this week, indicative of a potential downward correction. Immediate support is offered at 1.1620, backed by 1.1530/40, 1.15, and 1.1450/60. A fall below 1.1380 brings 1.1285 -- the 38.2% retracement of the run-up from 1.0558 to 1.1744 -- into view. If the pair sees fresh upward momentum, subsequent barriers are eyed at 1.1785, 1.18, and 1.1845. A move higher should face stiff resistance at 1.20.