After reaching a low at 1.2754 yesterday, the EUR/USD managed to bounce some today, finding now resistance around its 20 SMA in the 4 hours chart around 1.2830; indicators had managed to correct oversold readings, although turn flat around their midlines, reflecting the lack of buying interest in the pair despite dollar corrects lower against most rivals.
So far with no clear direction, steady gains above 1.2840 are now required to see an upward rally towards 1.2880/1.2900 area, where sellers are expected to halt any attempt of advancing further. On the other hand a drop below 1.2790 will signal the return of the bearish momentum, with 1.2744, this year low as immediate target.
Valeria Bednarik was key speaker at the FXStreet International Traders Conference in October 2009 - Barcelona.
Valeria Bednarik has been an active trader since 2003, specializing in the International Foreign Exchange Market.
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