NEWS / Foreign Exchange

EURUSD touched double resistance level

The crisisin the US housing sector continue. The latest proofs come by the release of newhome sales for March. The result was 858K new homes compare with the priormonth of 848K and forecasting 890K. After that the dollar fell against the euroto 1.3665 just few pips to the record high since December 2004. The break abovethe level of 1.3668/70 is double resistance, the first technical and secondpsychological. The analysis for the market expectations and the speculationsare clear that in the coming days the break above this resistance is sure. Theforecasts predict EURUSD trading at levels between 1.37 and 1.40 in May 2007.