Published: Thu, 14 May 2009 16:09:00 +0200

Forex: EUR/USD: Euro turns up after U.S. markets opening; approaching day high at 1.3620

FXstreet.com (Barcelona) ? The Euro has squeezed up a bit on the back of a moderate positive opening on U.S. markets, and from levels right above intra-day low at 1.3525, the Euro is reaching prices around 1.3600 with intra-day high at 1.3620 on sight.

Resistance levels are, the mentioned 1.3620 and above there, 1.3655/65 and 1.3720 (May 13 high). On the downside, support levels stand at 1.3525, and below there 1.3500 and 1.3470 (May 7 high).

According to Greg Holden, technical analyst at ForexYard, the Euro is giving mixed signals: ?There appears to be a fresh bearish cross on the daily chart's Slow Stochastic, signaling that the long-term trend of this pair may continue downwards. However, a bullish cross appears to be forming on the 4-hour chart's Slow Stochastic which indicates that today's movement may be bullish. Riding the upward movement and then selling at the pivot point of the swing may be a wise choice today. ?

By Fxstreet.com

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