FXstreet.com (Barcelona) - The Euro soared yesterday to hit a fresh 2009 high at 1.4535, and the pair edged down to consolidate in a range from 1.4475 to 1.4520 where it has been moving fro mos of European and Asian sessions. At the moment of writing, the Euro moves at 1.4495.
On the 4 hour chart, the Euro remains flowing in overbought territory, and, according to Greg Holden, technical analyst at ForexYard, the pair could be about to correct to the downside: The price of this pair appears to be floating in the over-bought territory on the 4-hour chart's RSI indicating a downward correction may be imminent. The downward direction on the daily chart's Slow Stochastic also supports this notion. Going short might be a wise choice.
Resistance levels lie at 1.4515, and above here 1.4535 (Sept 8 high) and 1.4550/70 projection. On the downside, initial support level lies at 1.4460/75, and below here, 1.4405 (Aug 27 high) and 1.4365/75 (Aug 21,25 and 31 highs).