FXstreet.com (Barcelona) - The Euro has reversed from yesterday's high at 1.5045 and, weighed by Dollar strenght on negative stock markets, the Euro has slid to 1.4945, testing support area at 1.4950/65.

The pair trades now right above the mentioned 1.4950/65 area, and below here, next support levels lie at 1.4900/05 and 1.4880 (Oct 20 low). On the upside, resistance levels lie at 1.4990/00 (Oct 20 high), and above here, 1.5035/45 (Oct 21 high), and 1.5085 (Aug 11 08 high).

Carol Harmer, technical analyst at Charmer Charts points out to 1.4910/20 area to determine Euro bias: A loss of this support (1.4965) would see the market fall further leaving 1.4920 then as your short term objective. Here you should be covering shorts. Attempt small longs here as well as it is a good retracement target. Only abolish longs if this breaks through 1.4910. A loss through here keeps the pressure to the downside and sees this come lower for 1.4885/80.

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