FXstreet.com (Barcelona) - The Euro's recovery against the Dollar from MA55 hourly at 1.4990 has found resistance at 1.5050 in the European session with the pair sliding to trade close to 1.5030. Currently the pair is trading around 1.5025/35, at the same zone of opening price action.
Next resistance area, at the moment, lies at 1.5060 (session high), and above here, 1.5085 (Aug 11 08 high) and 1.5100. On the downside, support levels at 1.4990/00 (session low/ oct 20 high), and below here 1.4975 and 1.4940 (Oct 22low).
George Antonakos, analyst at FXGreece, comments: Our lower targets were achieved during yesterday's highs, but retracements remained weak, indicating that buyers still dominate. Important resistance emerges at 1,5100 area, which is the most possible target. As you can see in the daily chart two different channels are met at these levels and these levels should not be easily breached. Next targets are set at 1,5160-80, but if these levels are reached, a move to higher levels with next target at 1,5250-00 area. Important support emerges at 1,4965-80 area, followed by 1,4830-50 area.