Forex: EUR/USD, capped at 1.4330, turns down below 1.4300

 @ibtimes on December 22 2009 6:36 AM

FXstreet.com (Barcelona) - Euro recovery from Asian session low at 1.6260 has been short lived, as the pair, capped at 1.4330 high on early European session, has pulled back to levels below 1.4300 at the moment of writing.

On the downside, next support levels lie at 1.4260 (session low/Dec 18 low), and below here, 1.4210/20 and 1.4185 (Sept 4 low). On the upside, resistance levels lie at 1.4330/40 (session high), and above here Monday's high at 1.4375 and 1.4410 (Dec 18 high).

From a wider perspective, the downtrend targeting 1.4050/70 area remains intact, according to Stoyan Mihaylov, technical analyst at Deltastock.com: Yesterday's slide couldn't break below 1.4260 low and current bias on the 1h. frame is neutral with a slightly bullish intraday outlook for 1.4370. On the larger frames, the downtrend is intact and the target remains in the 1.4150-70 area.

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