Forex: EUR/USD retreat holds 1.4260 and bounces to 1.4300

By IBTimes Staff Reporter | January 19 2010 8:46 AM

FXstreet.com (Barcelona) - Rejection at 1.4415 high has reached session low at 1.4260 (Jan 8 low) and the pair atte4mpts to pick up reaching levels right below 1.4300 previous support, which is being tested ahead of the US session opening.

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In case of breaching above 1.4300/10, next resistance levels lie at 1.4350/60 and then 1.4380. On the downside, further decline beyond 1.4255/60 (Jan 4/8 high) could find support at 1.4215 (Dic 22 low) and 1.4175 (Sept low).

According to According to Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets, bearish move below 1.4250 would set the pair towards 1.4000: If breached (1.4293), would lead to the more significant support zone around 1.4250. A close below 1.4250 would reinstate a look at the downside targets 1.4000. Resistance should be capped at 1.4570/4625.

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