Forex | Forex | Forex: EUR/USD: Euro remains under pressure after Tuesday's selloff (03/09/2009 07:58:00)

Forex: EUR/USD: Euro remains under pressure after Tuesday's selloff

FXstreet.com (Barcelona) - The Euro has extended during Asian session Euro's bounce at 1.4175, reaching 1.4315, where the pair has been capped, re-gaining most of the ground lost on Tuesday, however, the pair, according to Karen Jones, technical analyst at Commerzbank remains under selling pressure, weighed by Tuesday's sell off.

In Jones' appreciation, EUR/USD observes the possibility of further decline heading to 55 SMA at 1.4152: "EUR/USD remains under pressure following its sell off on Tuesday. Ideally we would like to see follow through selling below through the 55 day ma at 1.4152 to the 1.4059 uptrend."

Further decline, below 1.4059 would increased the odds that market has topped, and the pair would look to levels below 1.4000, says Jones: "Failure here will increase the risk that the market has topped targeting 1.3975 then 1.3889 (channel support) enroute to 1.3580/85 (55 and 200 week ma)."
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