Forex: EUR/USD back above 1.4800

By @ibtimes on

FXstreet.com (Buenos Aires) - Despite some short lived attempts to correct to the downside, Euro remains well bid and is back above 1.4800, ignoring the overbought readings clear in almost any time frame. Risk appetite continues pushing the pair higher, and with gold also quite strong above $ 1000/oz, chances of a more interesting downside corrective movement dilute. Key support for gold will be at 982 while above 1031, historical low, the commodity will likely extend the upside rally.

Consolidating around 1.4800, pair has immediate resistances at 1.4820 and 1.4866, past September 2008 highs, while supports come at 1.4770 and 1.4730 area. Expect market to enter a sideways movement ahead of tomorrow's FOMC policy minutes.

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