Forex: EUR/USD pulls back to 1.4830

Fri, Nov 6 2009, 17:05 GMT
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FXstreet.com (Córdoba) – The Euro failed to hold above 1.4900 against the Dollar and pulled down to 1.4830. Currently the pair is hovering around 1.4840, 0.15% below today’s opening price. On the downside, if the support at 1.4830 gives up the pair could fall further to intra-day lows that lie at 1.4810. The next support is located at 1.4775.

FastBrokers Research Team affirms: “Technically speaking, The EUR/USD still faces multiple downtrend lines along with October highs and the highly psychological 1.50 level. As for the downside, the EUR/USD also has multiple uptrend lines serving as technical cushions to go along with 11/05 and 10/27 lows. In other words, the EUR/USD’s near-term direction bias is still a toss-up, meaning investors should actively monitor the currency pair’s interaction with our technical levels for any telling movement in either direction.”

EUR/USD

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