Forex: EUR/USD building up, bounces to 1.4335 session high

By IBTimes Staff Reporter | January 08 2010 3:09 AM

FXstreet.com (Barcelona) - The Euro is attempting to shrug off weakness seen on Thursday and, after having hit a 1.4285 low ahead of Frankfurt opening, the pair as bounced to 1.4335 session high approaching resistance at 1.4350/60.

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The Euro is trying to set a base against the 200-day MA at 1.4250, according to Nicole Elliott, technical analyst at Mizuho Corporate Bank: We mark time ahead of today's US employment figures while trying to form an interim base against Fibonacci retracement support and the 200-day moving average at 1.4250. Momentum is zero and futures positions are being re-built at a painfully slow pace.

Support levels, according to Elliott, lie at 1.4282, 1.4218 and 1.4200. On the upside 1.4360, 1.4400 and 1.4448.

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