The EURUSD is under pressure as the Russian Finance Minister Kudrin approves the Dollar as reserve currency, negative outlook on the German economy.

[RTFX-Trading]

The EURUSD is under pressure as the Russian Finance Minister Kudrin approves the Dollar as reserve currency, negative outlook on the German economy.
    
The Euro is trading below the first daily support against the US Dollar this morning at 1.3912, following several negative news for the single currency. First, the Russian Finance minister Kudrin, approved the US dollar as reserve currency. Secondly, a report from the DIHK (German Chamber of Commerce and Industry) confirming the tightening of credit in Germany, which comes in the wake of the fall in German industrial production to 21.6% in one year in May, the highest increase ever recorded. Thirdly, the German Minister of Economics Guttenberg warned of new bankruptcies and concerns for a further downward trend in the German economy. Fourth, an investigation in the "Welt am Sonntag" shows that consumers are more pessimistic than economists, more than two thirds of respondents do not believe the German economy will recover before the second quarter of 2010. Finally, the "Telegraph" published an article concerning the difficulties in Germany.

The EURUSD is expected to continue to be under pressure early this week; it should test the neck line of the Head and Shoulders formation at 1.3810-20.



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