Forex: EUR/USD: Euro rises to test 1.4700

Tue, Nov 3 2009, 19:00 GMT
http://www.fxstreet.com

FXstreet.com (Córdoba) – The Euro rebounded near the lows of the day and rose to test levels on top of 1.4700. EUR/USD is still in the negative side for the day, but it moved away from 1.4625, daily low. The next resistance on the upside lies at 1.4730.

Currently the pair trades at 1.4701/05, 0.50% below today’s opening price. The pair has fallen in the six out of the last eight days and continues to pull down from the highs of the year at 1.5060.

James Hyerczyk, analyst at ForexHound.com, comments: “The EUR USD is trading sharply lower after trading inside of a tight range for the past four trading sessions. Traders expect the European Central Bank to leave its benchmark interest rate unchanged at 1%. In addition, the ECB is expected to say that stimulus plans will remain intact until the economy starts to show signs of a full recovery.”

EUR/USD

© 2009 “FXstreet.com. The Forex Market” All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.