Forex: EUR/USD: Euro reaches levels above 1.3670; 7-week high

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Published: Tue, 12 May 2009 11:33:00 +0200

Forex: EUR/USD: Euro reaches levels above 1.3670; 7-week high

FXstreet.com (Barcelona) ? The Euro is testing levels above yesterday?s 6-week high at 1.3670 after having bounced at 1.3560 on Asian session. The Euro trades now at 1.3558 after having squeezed up to a fresh 7-week high at 1.3675.

Above current levels, next resistance lies at 1.3740 (Mar 19 and 23 high) and 1.3800 (Jan 8 high) and 1.3835/50. Support levels below 1.3640 remain at support levels lie at 1.3550 (May 11 low) and below there, 1.3520 and 1.3500.

Nicole Elliott, senior technical analyst at Mizuho Corporate bank, foresees the Euro testing 1.3800 level: ?Holding at the very top of Friday?s range, terribly close to this year?s high (1.3801 on the 8th January and 1.3739 on the 19th March). It is just a matter of time before we rally here, with the Swiss franc snapping close on the Euro?s heels.?

By Fxstreet.com

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