Forex: EUR/USD: Euro has remained trading between 1.4515 and 1.4575

on September 14 2009 1:19 AM

FXstreet.com (Barcelona) - The Euro has been moving in a range from 1.4515 to 1.4575 during Monday's European session, after its decline from 2009 high at 1.4635 reached on Friday found support at the mentioned 1.4515 level ahead of the European opening.

The Euro, nevertheless, has set a top at 1.4635, according to Stoyan Mihaylov, technical analyst at Deltastock.com, and the pair is on a downtrend correction: As expected, the pair broke below 1.4570 critical level, signalizing that a top is in place and a larger corrective phase is on the run, towards 1.4470-44 support area. Intraday bias is negative, while the pair holds below 1.4569 resistance.

Support levels, according to Mihaylov, lie at 1.4512, 1.4444 and 1.4180. Resistance levels are 1.4569, 1.4606 and 1.4720.

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