EUR/USD reaches the support line at 1.3109

Fri, Apr 10 2009, 07:20 GMT
http://www.fxstreet.com

FXstret.com (Barcelona) - With a good part of Asia on holiday as well as all of Europe and the US out later today, the Euro dropped versus both the US Dollar and the Yen. the EUR/USD set off stops to the downside, leaving early 1.3169 highs in the dust, the pair hit bottom at 1.3089, a low not seen in almost a month as traders bailed out of their positions prior to the four day holiday weekend in Europe.

After reaching the support line at 1.3109, EUR/USD established new resistance line at 1.3339. The pair is in a new trend line down as Tomas Cedavicius from Forex-Trends.com explained. "Existing support line is not going to hold for the long time, but to have complete trend down we must see that line broken. This negative trend will remain in power if trend line stays." he said.

EUR/USD

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