Forex: EUR/USD recovery halts at 1.4165, eases to 1.4100 area

 @ibtimes
on January 22 2010 7:09 AM

FXstreet.com (Barcelona) - Euro rebound from 5-month low at 1.4025 hit on Thursday, has been capped at 1.4165, and the pair pulled back to levels right above 1.4100, as the pair trades at 1.4105 at the moment of writing.

According to Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets, the Euro is likely to trade choppy between 1.4060 and 1.4225: Expect a choppy range today between 1.4060 to 1.4225; there are rumoured to be bids at 1.4000 with stops below. Above 1.4225 the next resistance comes in at the 200 day moving average of 1.4307 .

At the moment, the pair lies right at 1.4100/10 support, and, in case of further decline, next support levels might be, 1.4065 1.4065 (session low), and 1.4025 (Jan 21 low).On the upside, resistance levels lie at 1.4165session high, and above here, 1.4220/30 (intra-day resistance on Jan 20) and 1.4250/60 (Jan 19 low).

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