FXstreet.com (Barcelona) - Euro decline from 1.4810 session high on Asian trade has extended sharply lower as the pair broke below 1.4700, to a fresh one -month low at 1.4645, weighed by plunging stock markets an a rather gloomy economic outlook by the European Commission.
At the moment, the Euro remains right above 1.4645 (Oct 7 low), below here, next support levels coulsd d be 1.4585/90 and 1.4560 (Sept 28 low). On the upside, resistance levels lie at 1.4725/30, and above here, 1.4810 session high and 1.4845/60 (Oct 28, 29, 30 and Nov 2 highs).
The EU commission stated that economic recovery will be gradual in 2010 and 2011 although EU unemployment will likely reach 10.9% in 2010 while warning about a 2highly uncertain economic outlook in the region. Abut the Euro, the EU Commission defends that a strong Euro could restrain export growth.