Forex: EUR/USD trades at daily lows at 1.4810 but it could rise to 1.5000

By IBTimes Staff Reporter | December 08 2009 2:43 AM

FXstreet.com (Barcelona) - The Euro has fallen around 50 pips in the early European morning against the Dollar from 1.4855 to hit intra-day low at 1.4810. Currently the pair is trading around 1.4820/30, close to the opening price action at 1.4825.

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EUR/USD is trading on consolidation mode after the last Friday and yesterday bearish movement with take the pair from 1.5090 to 1-month low at 1.4755.

According to Nicolle Elliott, Analyst at Mizuho Corporate Bank, the EUR/USD could rise back to 1.5000: Hovering below 'channel' support, trying to base against the top of the Ichimoku 'cloud' and retracement support, and yesterday's 'doji' adds weight to this view. Should we hold above 1.4800 today expect a squeeze to 1.4900, and then probably more.

Elliot provides us with her strategy: Buy at 1.4835; stop below 1.4750. Short term target 1.4900, then 1.5000.

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