Forex: EUR/USD: Euro rally stalls at 1.4990

23 November 2009 @ 06:23 am EDT

FXstreet.com (Barcelona) - The Euro has bounced up from Friday's low at 1.4800 and has appreciated during Asian and European sessions to stall at 1.4990, right below 1.5000 key resistance area.

At the moment, the Euro trades at 1.4970, with resistance levels at 1.4990/00 (Nov 18 high) and above here, 1.5015 (Nov 16 high) and 1.5060 (Oct 19 high). On the downside, support levels lie at 1.4940 (Nov 10 low), and below here, 1.4910/15, and 1.4875/80.

Despite failure to break above 1.4990 on its first attempt, Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets sees the Euro likely to test year highs: "Support held at 1.4800 after being tested several times, and today's USD weakness has seen a break of this downtrend around 1.4960 levels. The first attempt at resistance at 1.4990 has repelled a further rally for now, but a break above that level would eye 1.5063 (26 Oct highs and last major resistance ahead of 1.5200)."

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