Forex: EUR/USD: Euro bounces at 1.4255 and returns to 1.4285

Mon, Aug 31 2009, 07:51 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Euro has strengthened right after the European session opening and, after bouncing at 1.4255 low, the pair has returned to test previous session low at 1.4285.

In case of breaking above here, next resistance level for the Euro could be 1.4315 Asian session high, and above here, 1.4350 and 1.4390 (Aug 28 high). On the downside, support levels are 1.4250/55 (Session low), and in case of further decline, 1.4220 (Aug 27 low) and 1.4205 (Aug 26 low).

On a weekly perspective, the ecPulse.com analysis team foresees a downward correction, needed to gather momentum to assault 1.4420 resistance. "The pair is in need to decline to gather bullish momentum which is supported by the stochastic indicator. The decline we expect is nothing more than a correction to gather enough momentum before rebounding to the upside in an attempt to breach 1.4420 and maintain trading above it. Trading above 1.4035 will keep the trend to the upside yet a breach of this level may alter the short term trend."

• EUR/USD

EUR/USD (Aug 31 at 08:55 GMT)

1.4291/97 (-0.10%)

H 1.4317 L 1.4252

S3	S2	S1	R1	R2	R3
1.4211	1.4246	1.4282	1.4308	1.4344	1.4380

[?]Trend Index	[?]OB/OS Index
Strongly Bullish	Neutral
Data updated on Aug 31 at 08:50 (15-minute timeframe)

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