Published: Tue, 26 May 2009 14:13:00 +0200

Forex: EUR/USD breaks 1.3900 and rises above 1.3910

FXstreet.com (Barcelona) - After finding support at 1.3860 from its 140 pips decline in the European session, EUR/USD has risen to break 1.3900 resistance and trade above 1.3910. Currently the pair is trading around 1.3905/15, 0.70% below its opening price action.

Lena Manousarides, Analyst at SpikeCharts, says: "The EUR/USD has been rising exceptionally since last week; however the pair found a top at 1.4050 and the dollar bulls took their revenge by selling off the pair since early European open. For now, 1.3830 has to keep intact if another wave of upside is to be seen in the coming days. A clear break of 1.3830 ahead of 1.3760 may put the pair back on the defensive towards 1.35. The current retracement in the pair may be just that: a simple retracement after many days of rise in the European currency. If the current levels hold, we may see the pair rising again if economic data and events also assist."

By Fxstreet.com

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