Forex: EUR/USD recovery, capped at 1.4560, remains in range

 @ibtimes
on December 16 2009 4:01 AM

FXstreet.com (Barcelona) - Euro rebound from 1.4505 low on Tuesday has been capped at 1.4560 at European opening times, and the Euro pulled back to 1.4510. The Euro remains consolidating between 1.4500 and 1.4560/70 after Tuesday's drop.

At the moment, the Euro trades at 1.4535, with next resistance levels at 1.4575/85 (intra-day level/Dec 11 low) and above here, 1.4620/30 and 1.4665. Support levels lie at 1.4505 (Dec 15 low) and 1.4480 (Oct low) and 1.4445 (Aug 5 high).

According to the ecPulse.com analysis team, the pair could dip below 1.4500, unless 1.4585 resistance gives way: We believe that, the pair will be able to touch minor resistance 1.4585 and then reverse to achieve a possible bearish intraday direction ; targeting start 1.4475 zones followed 1.4400, while keeping an eye on the bearish short term direction which will prevail if 1.4685 remains intact.

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