Forex: EUR/USD: Pullback to 1.4684 could offed good short-entry option

By IBTimes Staff Reporter | December 18 2009 6:28 AM

FXstreet.com (Barcelona) - The Euro has picked up slightly from 1.4300 3-month low and according to Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets it could correct higher within a wider-term bearish bias.

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Downside correction is likely to resume, according to Rosenstreich, although a move above 1.4515 could offer a good short-entry option: Our bias is for a continuation of the bearish correction but would like to see a revisit of 1.4684 for ideal short-entry level, with prior support at 1.4515 now acting as decent resistance. Any break above there would face a major hurdle rallying higher at 1.4685.

On the downside Rosenstreich points out to 1.4305 support: On the downside the 1.4305 lows yesterday form the first support, with the 200 day moving average providing some cushion below there at 1.4180.

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