Euro Reaches Lowest Level in October 2008, Confidence Still Low Against Euro

In currency trading the Asian session today (17-05), seen the euro currency weakening slightly against the U.S. dollar. Pair EUR / USD is currently engaged on a range of 1.2347.

Euro has dropped and again reaches its lowest level in the range of 1.2329 since the fall of Lehmann Brothers in mid-2008 past. Seeing that investor confidence is still very low against the Euro, do not close the possibility of the Euro to continue to decline.

468x60cbf Euro Reaches Lowest Level in October 2008, Confidence Still Low Against Euro

The technical, Euro zone is still in oversold, negative sentiment is very high making the Euro continues to survive in the zone. Stay alert for a potential rebound, especially the Euro has reached a low in October 2008 and although there is no guarantee the Euro will not drop deeper.

EUR / USD likely to weaken support level at 1.2180, if past the 1.2329 level. The strengthening euro may occur if the past level of resistance at 1.2485 to the 1.2580 level.