Forex | Forex | Forex: EUR/USD: Euro pulls down below 1.4100 (31/07/2009 09:17:00)

Forex: EUR/USD: Euro pulls down below 1.4100

FXstreet.com (Barcelona) - Euro rally from 1.4060 low during Asian session has halted at 1.4145 intra-day high, and the pair has pulled down to levels below 1.4100. t the moment, Euro trades at 1.4085.

Next support levels lie at 1.4080, and below there, 1.4055 and 1.4005. On the upside above 1.4100, initial resistance, lies at 1.41335/45 intra-day high, and above there, 1.4160 and then 1.4195 (Jul 29 high).

According to Nicole Elliott, technical analyst at Mizuho Corporate Bank, the Euro is on the upside, prone to test year highs: "Terribly slow work but trying to base ahead of the top of the Ichimoku ‘cloud’. Moving averages are still bullish and the combination will hopefully help form an interim low which will eventually push the Euro to new highs for this year."
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