Published: Mon, 18 May 2009 12:34:00 +0200

Forex: EUR/USD: Euro, below 1.3485; upside bias still active

!--TITOL: h1Forex: EUR/USD: Euro, below 1.3485; upside bias still activeFITITOL--FXstreet.com (Barcelona) - The Euro has remained trading in a range from 1.3445 to 1.3485 intra-day high, after its decline from from Friday's high at 1.3650, nevertheless, Mohammed Isah, technical analyst at FXTechstrategy mantains that the Euro short-term uptrend is still activated.br /br /Despite last weeks decline, a href="http://www.fxstreet.com/technical/forex-strategy/daily-technical-strategist/2009-05-18.html"Isah/a affirms that the Euro remains pointing upwards: "Although its first week of weakness registered the past week following its rise off the 1.2886 level remains suggestive of further declines, EUR still retains its short term uptrend activated off the 1.2456 level, its Mar 04?09 high"br /br /On the upside, a href="http://www.fxstreet.com/technical/forex-strategy/daily-technical-strategist/2009-05-18.html"Isah/a foresees: "A break back above the 1.3722 level, its May 13?09 high followed with its Mar 19?09 high at 1.3738 will be required to trigger its short term uptrend towards its Jan 05?09 high at 1.3964.Beyond the latter will leave the pair aiming at the 1.4363 level, its Dec 29?08 high." br /br /In case of a downside reaction, a href="http://www.fxstreet.com/technical/forex-strategy/daily-technical-strategist/2009-05-18.html"Isah/a points out the following levels: " With that said a follow through lower could be seen targeting the 1.3385 level, its April 30?09 high ahead of the 1.3213 level, its May 04?09 low. Its daily RSI has turned lower supporting this view."br /For more information, read our latest a href="http://www.fxstreet.com/news/forex-news/"forex news/a.div a href="http://feeds.fxstreet.com/~ff/news/forex-news?a=TCk3NiU2f9I:WnyCp0T9DhA:yIl2AUoC8zA"img src="http://feeds2.feedburner.com/~ff/news/forex-news?d=yIl2AUoC8zA" border="0"/img/a /div

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