Sept. 3 (Bloomberg) -- The yen traded near a seven-week high against the euro before a European report estimated to show retail sales fell in July from a year ago, adding to signs a recovery in the 16-nation region's economy may be slow.
The yen was also close to its strongest in seven weeks against the dollar as stocks slid for a second day in Tokyo, boosting demand for the relative safety of Japan's currency. The euro traded near its lowest level in two weeks versus the greenback on speculation European Central Bank President Jean- Claude Trichet will signal policy makers will keep interest rates low at today's meeting.
http://www.bloomberg.com/apps/news?pid=20601080&sid=aIPpoF5MLqU0
http://marketoracle.co.uk/Article13165.html The Euro dropped from 1.4376 until it reached and tested Fibonacci 61.8% support for the whole move from 1.4045 to 1.4405. The above mentioned Fibonacci support at 1.4183 will be the most important for the short-term, after it survived yesterday's test (yesterday's low 1.4176) , because a break of this specific support will open the door to a trial to find a new bottom below Aug 17th low 1.4045 within this week. Any attempt to go up will have to break through 1.4252 (short-term 38.2% Fibonacci Resistance), and if this attempt is corrective, it should not go higher than 1.4300, as we can surely say that this is the most important resistance for the moment.
