Forex: EUR/USD: Euro post weekly gains

06 November 2009 @ 05:49 pm EDT

FXstreet.com (Córdoba) - Despite a decline on Friday, the Euro ended the week 0.79% higher against the Dollar. EUR/USD finished Friday trading in a range between 1.4830 and 1.4850. The Dollar failed to confirm a break below 1.4700 and on Wednesday the Euro rallied after the FED decided to leaves rates unchanged but on Friday was unable to hold above 1.4900.

The rally of the Euro against the Dollar eased in the last two weeks as EUR/USD failed to reach levels above 1.5060. Current environment is not very optimistic about the economic recovery, helping the Dollar that works as a refuge for investors.

Michael J. Malpede, analyst at Easy Forex comments: "The technical outlook for the EUR is positive as the EUR trades above 1.4900. Expect EUR support at 1.4810 the November 5th low with resistance at 1.5065 the October 23rd high."

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