Forex: EUR/USD dips below 1.4500, approaching 1.4450 session low

By IBTimes Staff Reporter | January 12 2010 6:45 AM

FXstreet.com (Barcelona) - The Euro launched a tepid recovery attempt, after bouncing from 1.4450 session low in Asian trade, bit the pair was rejected at 1.4520 during European morning and dropped back to levels around 1.4460 at the time of writing.

Sponsorship Link

On a wider perspective, Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets, sees the Euro on the upside, as long as 1.4450 support remains in place: Yesterday's break above 1.4484 key resistance and daily close above 1.4500 keeps focus on the next upside levels of 1.4570 (38.2% retrace of 1.5145-1.4218) and 1.4590 (16 Dec highs). Despite this morning's USD retracement, 1.4450 looks to be providing interim support.

On the downside, below 1.4450, http://www.fxstreet.com/technical/market-view/daily-forex-news/2010-01-12.html observes next support at 1.4280: Below there (1.4450) lies the more significant support zone between 1.4250/80.

.