Forex: EUR/USD: Euro unable to regain 1.4600 level, returns to 1.4550 area

By IBTimes Staff Reporter | October 01 2009 1:22 AM

FXstreet.com (Barcelona) - Euro decline from 1.4670 Asian session high found support at 1.4550 and the pair attempted a shy recovery although caped at 1.4600, the pair has returned to 1.4555 so far, right above 1.4550 intra-day low.

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on a wider point of view, the 10 day downtrend remains intact, says Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets:The 10 day downtrend is still intact, having sold off from a second time last night from the 1.4650/70 region and again catching support at 1.4550/60 The downtrend now comes into play around 1.4625 so the consolidatory range is getting rather tight. Expect a break one way or the other later this afternoon.

Next support levels at 1.4515 (Sept 14 low) and 1.4500 (Sept 10 low). On the upside, resistance levels lie at 1.4620, and above here, 1.4675/80 (Sept 30 high/intra-day highs), and 1.4720/25 (Sept 25/28 high).

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