Forex: EUR/USD: Hovering below 1.4855 ahead of ECB

Thu, Nov 5 2009, 11:27 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - Euro retreat from 1.4910 high on Thursday found support at 1.4810 but its attempt to pick up has been capped at 1.4855, and the pair remains trading at right below the mentioned level, ahead of the ECB monetary policy decision.

On the longer term, the Euro remains weak while below 1.4950, according to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets: " The downtrend is still fully intact and only a 4 hour close above 1.4950 should be considered otherwise. Today’s test will be to see if the 12 month uptrend line at 1.4780 offers any support and if it does then we have a nice triangle to play between that level and 1.4900."

Resistance levels lie at 1.4855/60, and above here, 1.4885 intra-day high and 1.4910 (Nov 4 high). On the downside, initial support lies at 1.4810 session low and below here, 1.4770 and 1.4730/35.

EUR/USD

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