Forex: EUR/USD pulls back to 1.4830

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Published: Fri, 06 Nov 2009 18:05:00 +0100

Forex: EUR/USD pulls back to 1.4830

FXstreet.com (Córdoba) ? The Euro failed to hold above 1.4900 against the Dollar and pulled down to 1.4830. Currently the pair is hovering around 1.4840, 0.15% below today?s opening price. On the downside, if the support at 1.4830 gives up the pair could fall further to intra-day lows that lie at 1.4810. The next support is located at 1.4775.

FastBrokers Research Team affirms: ?Technically speaking, The EUR/USD still faces multiple downtrend lines along with October highs and the highly psychological 1.50 level. As for the downside, the EUR/USD also has multiple uptrend lines serving as technical cushions to go along with 11/05 and 10/27 lows. In other words, the EUR/USD?s near-term direction bias is still a toss-up, meaning investors should actively monitor the currency pair?s interaction with our technical levels for any telling movement in either direction.?

By Fxstreet.com

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