EURO (EUR), Daily Review, Feb 1 2009

 @ibtimes
on February 01 2010 4:57 AM

The Euro reached a 6 month low versus the Dollar after declines in stocks and stronger than expected U.S 4th quarter GDP led the Dollar higher. Greece's budget problems continue to worry investors in the Euro region. Rumors about a bank intervention in Switzerland caused the Euro to spike versus the Franc. Overall, EUR/USD traded with a low of 1.3861 and a high of 1.3987. EUR/USD is on a strong downtrend but has reached oversold conditions as the daily RSI shows a reading of below 30. EUR/USD might gain support from the 200 weekly moving average near 1.3830. Today, Final Manufacturing PMI is expected unchanged with 52.

EUR/USD - Last: 1.3870

Resistance

1.3945

1.3990

1.4025

Support

1.3860

1.3815

1.3750

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