Tuesday, September 15, 2009

Euro still strong supported by risk appetite

Tue, Sep 15 2009, 23:56 GMT

FXstreet.com (Buenos Aires) - The EUR/USD remains strongly bullish, consolidating close to past Monday’s high; that signals chances of further upside movements are high, with key 1.4720, past December high, as first resistance level to consider; as there are also good chances of stop losses just above that level, expect the pair to gain momentum if breaks the resistance, with next level to watch at 1.4770, followed by the 1.4830 zone. To the downside, first support lies at 1.4650, followed by the 1.4605 level, and strong 1.4550 support zone.

Asian stocks are expected to open higher following Wall Street, yet at least this week that was something that did not happened; with non fundamental data to watch, currencies will likely follow Nikkei 225 and Shanghai Composite during this session. If both fall, expect some downside correction in the pair, thus limited as sentiment will likely keep Euro well bid.

EUR/USD (Sep 16 at 05:35 GMT)

1.4675/79 (0.08%)

H 1.4685 L 1.4655

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

[ View EUR/USD technical studies ]

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