Forex | Forex | Euro recovery capped (30/07/2009 23:39:00)

Euro recovery capped

FXstreet.com (Buenos Aires) - Despite strong rebound in equity markets, that drag dollar down against major rivals, Euro recovery remained capped after a report from IMF that said the euro "is somewhat on the strong side relative to its fundamentals," up to 15% overvalued. No doubts, comments add to Euro downside pressure that remained well under 1.4100 during past European and American sessions.

EUR/USD enters Asia at New York close levels, around 1.4070 with an immediate resistance at yesterday’s high just under 1.4100. Slightly bullish in 4 hours charts, pair needs to confirm above that level to extend the recovery to 1.4150 zone ahead of 1.4200. Under 1.4035, downside pressure could send the pair to retest the 1.4000 lows.

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