Forex: EUR/USD: Euro approaches 1.5000 on improved risk appetite

Mon, Nov 23 2009, 14:23 GMT
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FXstreet.com (Barcelona) - The Euro continues pointing upwards and recovery from 1.4810 low on Friday has extended to 1.4997 high on Monday with positive equity markets and gold and oil prices soaring.

According to the ecPulse.com analysis team, the pair could go through some minor correction before moving further up: "The breach of the pivotal support at 1.4960 points to obvious momentum to achieve the expected bullish direction; thus, we await more expected bullish movement throughout today's trading session, with chances of some minor bearish correction that will retest breached resistance levels. As long as 1.4855 remains intact, the expected bullish direction will prevail."

Resistance levels, according to the ecPulse.com analysis team, lie at 1.5000, 1.5050 and 1.5100. On the downside, support levels are 1.4960, 1.4890 and 1.4855.

EUR/USD

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