Published: Tue, 23 Jun 2009 10:12:00 +0200

Forex: EUR/USD: Euro picks up and reaches 1.3900 resistance

FXstreet.com (Barcelona) - The Euro is trying to shrug off recent weakness, and after bouncing at 1.3825 support, the Euro has risen to 1.3900 resistance level, and, at the moment of writing, the Euro trades at 1.3890.

Despite the recent rebound, Jamie Saettele, technical analyst at DailyFX sees the Euro on a bearish trend while below 1.4181: "There is no change to the bearish outlook. Staying below 1.4181 keeps the trend pointed down. The series of lower highs and lows since 1.4340 may be a series of 1st and 2nd waves. Under this scenario, the decline from 1.4014 a third of a third (powerful) wave decline. It is also possible that the current decline is wave 4 of a diagonal from 1.2454 (alternate labels)."

In case of further recovery, above 1.3920, next resistance levels lies at 1.3950 intra-week high and then 1.3980. On the downside, initial support lies at 1.3825, and below there 1.3800/05 (Jun 17 low) and then 1.3785.

By Fxstreet.com

Real-Time Economic Calendar - Currencies at a Glance - Pip Rebate Program

© 2009 “FXstreet.com. The Forex Market” All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.