Forex: EUR/USD: Euro bounces at 1.4950, remains in range

Tue, Nov 10 2009, 14:52 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - Euro upside attempt has been capped at 1.5020, and the pair fell back to 1.4950 to bounce again and reach levels around 1.4980 at the moment of writing.

The pair has remained moving in a clear range between 1.4950 and 1.5020 and needs a clear break either side to define direction, as Valeria Bednarik, collaborator at FXstreet.com says: "Pair needs to clearly move under 1.4950 to extend a downside corrective movement, while top of the range comes at 1.5020, and only an acceleration above that level, could trigger some upside momentum in the next session. Stocks are likely to continue leading the way."

Resistance levels, according to Bednarik, lie at 1.5005, 1.5020 and 1.5065. On the downside, support levels are 1.4940, 1.4910, 1.4860.

EUR/USD

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