Published: Thu, 02 Jul 2009 20:41:00 +0200

Forex: EUR/USD recovery finds resistance at 1.4030

FXstreet.com (Córdoba) ? The Euro is recovering against the Dollar after falling constantly following the unemployment report. EUR/USD tested levels below 1.4000 but it was rejected from those levels and started to recover. The pair has found resistance at 1.4030. On the upside the next resistance lies at 1.4055. The Euro lost yesterday?s gains and is falling 0.95% so far today but is far from intra-day low (1.3986).

Ralph Shell, ForexRazor's analyst, comments: ?Once again the pair is knocking on the door of the high ground above 1.41, and if we spend a little time consolidating the gains, there might be more. Forget the reason or the explanations for the move, markets often do what they do because they can. We are currently trading at 1.4120, and looking at the chart, there has to be stops above 1.4140.? And also affirms that during a holiday shortened week anything can happen: ?Failure to hold the gains may result in a reversal day?.

By Fxstreet.com

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