Forex: EUR/USD: Euro bounces up from 1.4810, back to 1.4870

Fri, Nov 6 2009, 14:27 GMT
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FXstreet.com (Barcelona) - Euro post-NFP decline has been held at 1.481o support level, and the pair has picked up reaching back to pre-payrolls levels, around 1.4870 ahead of Wall Street opening.

On a longer term point of view, Mohammed Isah, technical analyst at FXTechstrategy points out to 1.4844 level as key for further appreciation: "Though currently trading above its key resistance at the 1.4844 level, a firm hold above there is required to signal further upside strength. Potential for additional higher prices exist towards its Oct 27’09 high at 1.4926."

Below 1.4844, Isah foresees increasing bearish pressure driving the pair towards 1.4625: " On a failure above the 1.4844 level, downside pressure should shape towards the 1.4625 level ahead of its MT rising trendline, currently at 1.4593 where we expect a cap."

EUR/USD

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