Forex: EUR/USD: Euro dips below 1.5020 level

Mon, Nov 30 2009, 14:26 GMT
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FXstreet.com (Barcelona) - Euro decline from intra-day high at 1.5085 has extended below 1.5020 support and the pair reached prices right at 1.5000 moments ahead of the U.S. session opening.

According to Valeria Bednarik, collaborator at FXstreet.com, under 1.4995, the pair could attempt a re-test of session low at 1.4960: "EUR/USD is attempting to break the 1.5020 support, not quite easy at this point. Probably under 1.4995 pair would attempt a test of the daily low around 1.4970, while only a clear and strong acceleration trough this level could trigger a deeper movement to the 1.4930 area."

On the upside, Bednarik points out to 1.5060/1.5094 congestion area: " we have some messy congestion zone between 1.5060/1.5094, so only clearly above this yearly high, I expect the pair to run higher with an intermediate resistance around 1.5135 ahead of the 1.5160 area."

EUR/USD

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