Tuesday, September 15, 2009

Euro seems exhausted in the hourly chart

FXstreet.com (Buenos Aires) – EUR/USD Current Price: 1.4667. Consolidating close to Monday’s highs, pair seems a bit exhausted in the hourly chart, with both momentum and RSI, pointing for a downside correction despite Nikkei 225 open up 0.7%, supporting some risk appetite, if managed to extend the upside rally. Still above 20 SMA with a bullish slope, break above yesterday’s high of 1.4686 will send the pair to test the 1.4720 zone ahead of 1.4770 next resistance level.

“To the downside, 1.4610 should keep corrective movements capped to support further rises in the next hours, “ said Valeria Bednarik, collaborator at FXstreet.com. Bigger time frames show pair is consolidating inside a small continuation triangle, so as long as 1.4655 support remains intact, figure will remain valid.

Support levels: 1.4655 1.4630 1.4600. Resistance levels: 1.4720 1.4770 1.4830.

EUR/USD (Sep 16 at 05:43 GMT)

1.4677/79 (0.10%)

H 1.4685 L 1.4655

[?]Trend Index[?]OB/OS Index
Strongly BullishNeutral
Data updated on Sep 16 at 05:15 (15-minute timeframe)

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