Forex: EUR/USD: Euro continues appreciating; testing 1.4300

 @ibtimes
on August 13 2009 3:24 AM

FXstreet.com (Barcelona) - The Euro continues appreciating ahead of U.S. retail sales data, the pair has rallied more than 200 pips since bouncing at 1,4090 on Wednesday to hit an intra-week high at 1.4305.

The Euro is struggling now at 1.4290/00 resistance area, and in case of breaking above here, next resistance area would be at 1.4325, and above here, 1.4360. On the downside, initial support level lies at 1.4245 (Aug 12 high), and below here, 1.4230 ansdd 1.4180 (Aug 11 high).

According to Carol Harmer, technical analyst at Charmer Charts, above 1.4300, 1.4415 could be seen: Above 1.4300 sees 1.4415. Here sellers will be waiting as they will not want to let the buyers get a look at the recent double top at 1.4445. They may be able to stem the aggressive buyer and this would still leave the topping pattern in place and send the currency lower overall.

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