Forex: EUR/USD: Euro drops to 1.4630 fresh one month low

Tue, Nov 3 2009, 11:46 GMT
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FXstreet.com (Barcelona) - The Euro has declined sharply during European session, hit y risk aversion and negative stocks, and the pair's retreat from 1.4815 high during Asian session has broken below 1.4770 on early European session to reach 1.4630 low so far.

In case of further decline, below 1.4630 session ow, next support levels are 1.4590 and 1.4520/50. On the upside, resistance levels lie at 1.4685/00 (Oct 29, Nov 2 low), and above here, 1.4730 and 1.4770.

After a 180 pip decline, the Euro could have reached its bottom and, according to the Swiss e Trade Strategy Team, the pair could bounce up to 1.4770 over the next session: "Currently trading at 1.4660, the pair is trying to break the 1.4650 support level. In contrast, we do not see much more downside risk for today, and rather anticipate a rise up to the 1.4770 level.

EUR/USD

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