Forex | Forex | Forex: EUR/USD: Euro recovery, capped below 1.4300 (31/08/2009 10:24:00)

Forex: EUR/USD: Euro recovery, capped below 1.4300

FXstreet.com (Barcelona) - Euro decline from 1.4385 high on Friday found support at 1.4255 Asian session right ahead of the European session opening, to pick up during European session to levels right below 1.4300.

According to Mohammed Isah, technical analyst at FXTechstrategy, the Euro is on an uptrend, heading towards 1.4444: "Although a back off higher prices was seen the past week after EUR torched a high of 1.4405, while it continues to hold above its MT rising trendline odds for more upside gains remain. This view still puts the 1.4444 level, its Aug 03’09 high under pressure where a break higher through there will clear the way for a run at the 1.4719 level, its Dec 18’08 high."

ON the downside Isah points out to 1.4044: "If its mentioned hesitation , we could see the turning back down towards the 1.4044 level, marking its Aug 17’09 low which coincides with its rising trendlinewhere a cap is expected. Decisively invalidating that level will mean additional losses towards the 1.3747 level, its Jun 16’09 low."


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