Forex: EUR/USD: Euro recovery stalls at 1.4900

By IBTimes Staff Reporter | November 13 2009 6:29 AM

FXstreet.com (Barcelona) - Euro rejection at 1.5050 high on Wednesday extended on Tuesday to 1.4820 low, and the Euro has attempted to set a bottom, pushing up through Asian and European session, to be capped at 1.4900 resistance.

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At the moment, the pair moves below 1.4900/15 resistance area (Nov 4, 5 and 6 lows), and, in case of further climbing, next resistance levels lie at 1.4950/60 and 1.5015 (Now 12 high). On the downside, support levels lie at 1.4810/20 (Now 4, 6 and 12 lows) and below here, 1.4770 and 1.4730/35.

The Euro is up for further recovery, according to the Swiss e Trade Strategy Team, and is likely to follow stock markets over the next sessions: We think that the low for today has been seen already at 1.4821 and the EUR / USD is ready for a recovery. Share prices still dominate FX trading so we are watching equity markets, as well, for any signs of stabilizing. No recommendation.

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