EUR/USD: Euro squeezes to 1.3380 level

 @ibtimes
on April 29 2009 10:35 PM

FXstreet.com (Barcelona) - The Euro has strengthened at the European session opening and has broken above 1.3340 level, the upper boundary of the Asian session trading range to reach next resistance level at 1.3390. At the moment the Euro trades at 1.3355.

Resistance levels lie at 1.3390 (Apr 13 high) and 1.3410 (Apr 7 high); above here, next resistance level could lie at 1.3440/50. On the downside, below 1.3340, next support levels could lie at 1.3260 and 1.3235, below here, 1.3190.

According to Tim Salem, collaborator at FXstreet.com, the Euro bullish momentum is still on: Bullish Momentum looks to continue in the Immediate-Term, with a Test of the 1.3130's Highs as Price finds Dynamic Support @ 1.3284 with the Hourly 20SMA for Buoyancy. RSI Readings of 58 indicate Consolidative Behavior coupled with a Horizontal Static Range with the Daily Pivot of 1.3237 and the Highs of 1.3330's.

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