Forex: EUR/USD: Retreat from 1.5060 hits levels below 1.4700

By IBTimes Staff Reporter | October 29 2009 3:17 AM

FXstreet.com (Barcelona) - The Euro declined during U.S. session on Wednesday for the third consecutive day, and retreat from 1.5060 year to date high, extended to 1.4680 low. During Asian session the Euro has remained consolidating above 1.4700 trading in a range from 1.4700 to 1.4735.

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Initial support level lies at 1.4685 session lo, and below here, next support levels could lie at 1.4670 (Oct 9 low) and 1.4650 (Oct 7 low). On the upside 1.4735 has been capping the Euro during Asian session, in case of breaking above here, next levels to observe will be 1.4770 (Oct 27 low) and 1.4800/10.

EUR/GBP decline from Monday's high at 0.9240 has extended on Wednesday to 6-week low at 0.8950. During Asian session the Euro has been moving from 0.8950 and 0.8995. Support levels are 0.8950 and 0.8895. Resistance levels lie at 0.8995/00 and 0.9055.

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