EURO (EUR), Daily Review, Feb 2 2010

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The Euro advanced versus the Dollar after 4 consecutive days of declines as demand for risk increased on bets global economic recovery will continue. Final Manufacturing PMI came out slightly better with 52.4 versus 52 forecast. Overall, EUR/USD traded with a low of 1.3852 and a high of 1.3938. EUR/USD oversold RSI conditions and support from the 200 weekly moving averages supported the pair and sent it upwards. EUR/USD is facing many resistance levels above and if unable to cross above them will return to its downtrend. Today, German Retail Sales are expected higher with 0.9% versus -1.7% prior.

EUR/USD - Last: 1.3930

Resistance

1.3945

1.3990

1.4025

Support

1.3850

1.3815

1.3750

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