Forex: EUR/USD: Euro rises above 1.3850

Tue, Jun 16 2009, 07:57 GMT
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FXstreet.com (Barcelona) - The Euro is gathering strength on early European session and, after bouncing at 1.3745 on Asian session, the Euro reaches levels above 1.3850.

According to Carol Harmer, technical analyst at Charmer Charts.com, points out to 1.3855 as key level for the bulls: "Slightly lower start today but it has recovered well and broken through the first short term fib level of 1.3820 and attained the 2nd 38% fib of 1.3855. Now on the short term chart the market is showing overbought and so this 1.3855 will be the key to direction for today. If sellers hold on and stand fast the market will about turn and head lower with 1.3755/1.3735 looking to entice."

Resistance levels, above here lie at 1.3875/90, and above here, 1.3915 (Jun 10 low), 1.3935 (Jun 12 low). On the downside, below 1.3850, support levels lie at 1.3800 and below there, 1.3785 and 1.3750 intra-day low.

EUR/USD

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