Forex: EUR/USD trades above 1.4370

on January 18 2010 7:14 AM

FXstreet.com (Barcelona) - The Euro has been trading in a narrow range against the Dollar between 1.4365 and 1.4390 throughout the European session after recovering from 1.4335, intra-day low, reached in the Asian early morning.

Currently the pair is trading around 1.4370/80,0.10% above today's opening price action at 1.4355.

A mixed picture this week as having bounced from medium term Fibonacci retracement support, as the Lagging Span garners support from a very large flat-topped weekly Ichimoku 'cloud', affirms Nicole Elliot, chief technical analyst at Mizuho Corporate Bank, last week's small 'spike high' suggests we shall be stuck under 1.4580 (the 26-week moving average) for at least another week. Elliot concludes.

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