Forex: EUR/USD slides to 1.4410 after hitting 1.4455

By IBTimes Staff Reporter | January 04 2010 12:24 PM

FXstreet.com (Barcelona) - The Euro has capped its advances against the Dollar throughout the European session at 1.4455, December 29 high and 2-week highest level. After testing this level, the EUR/USD has retreated to test 1.4410 on consolidation mode. Currently the pair is trading around 1.4415/25, 0.80% above today's opening price action at 1.4300.

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The ecPulse.com analysis team comments: EUR/USD is showing sharp incline on the daily charts after the better-than expected PMI manufacturing for December which provide clues the economy may expand further in the fourth quarter and in 2010. Movements are fast today due to low volume after the year-end holidays. Currently, the pair is traded at 1.4422 recording a high of 1.4450 and a low of 1.4256, whereas the coming support is at 1.4385 and resistance at 1.4460.

Valeria bednarik, FXstreet.com collaborator affirms: Bullish in the hourly chart, pair is approaching to 1.4460 resistance area, past week high. Indicators support further rises despite slightly over extended, as no signs of corrective movements are seen either in 1 or 4 hours charts. Well supported above 20 SMA, confirmations above mentioned area likely to trigger further rises to the 1.4485 area, ahead of stronger 1.4515 level.

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