Forex: EUR/USD moving gradually towards 1.4185

By IBTimes Staff Reporter | December 23 2009 6:18 AM

FXstreet.com (Barcelona) - The Euro has remained moving within a tight range, from 1.4235 to 1.4265 during European session, and according to Mark Ryan Zeidus, technical analyst at Z2FX, it will continue moving within narrow ranges, targeting 1.4185.

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The Euro moves towards its target at 1.4185, which, according to Zeidus could be reached in within next sessions: EURUSD is looking to gradually move towards its target at 1.4185 level and we might see it doing so in a day or so.

Trading volumes, however, will remain low, says Zeidus: Although the trading volume is expected to become more and more thin as the days progress but the other factor which is holding EURUSD back is a low value of RSI and we expect to see EURUSD being traded in short range for the next few days.

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