Forex: EUR/USD: Euro softens to tests support level at 1.3630

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Published: Wed, 13 May 2009 12:51:00 +0200

Forex: EUR/USD: Euro softens to tests support level at 1.3630

FXstreet.com (Barcelona) ? EUR/USD is weakening slightly as the pair has dropped to test intra-day lows around 1.3635 after failing to break above 1.3715/25 area.The Euro trades at 1.3639 at the time of writing.

According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, affirms that the Euro is on a bullish trend while above 1.3557: ?we continue to aim for 1.3740 area, a break past this level would set our sights on 1.3971 within the week. The bias really is for the upside here as the retracement only managed a 38.20% counter. On the downside 1.3557 serves as initial support but real test for bearish bias comes at 1.3507.?

Support levels lie at the 1.3630/35 area, and below there, 1.3590 and 1.3555 (May 11 low). On the upside, resistance levels lie at 1.3660/75, and above here, 19 high 1.3737 and above here 1.3088 (Jan 8 high).

By Fxstreet.com

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