The EUR/USD dropped to support near the 10-day moving average in sympathy with Deutsche Bank as renewed fears over the banks health eroded the value of
The EUR/USD dropped to support near the 10-day moving average in sympathy with Deutsche Bank as renewed fears over the banks health eroded the value of the European currency. The bank has 14 billion in assets which equals the recommended Justice Department fine, and 45 trillion in derivatives exposure which will definitely make the German government uneasy.
Resistance on the currency pair is seen near the September highs at 1.1327. The 10-day moving average has been in a tight range of less than 0.003 pips for the last month which reflects consolidation. Momentum is neutral with the MACD (moving average convergence divergence) index printing near the zero index level with a flat trajectory which reflects consolidation. The RSI (relative strength index) is printing a reading of 50 which is in the middle of the neutral range an also reflects consolidation.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.