Forex | Forex | Forex: Euro falls further and tests 1.4250 (03/09/2009 14:25:00)

Forex: Euro falls further and tests 1.4250

FXstreet.com (Barcelona) – The Euro's rejection against the Greenback from intra-day high at 1.4348 has continued after the better than expected US Aug ISM non-manufacturing index. The EUR/USD has fallen around 50 pips in the last minutes from 1.4300 level to post intra-day lows close to 1.4245.

The Euro has pulled back from intra-day high at 1.4348 to break 1.4285 support on the back of Trichet call to patience and prudence, on his Press release after the Bank announced its decision to keep its benchmark interest rate at 1.0%.

According to the ecPulse.com analysis team, Trichet has failed to support the Euro's gains: “The euro limited its gains versus green back, as the pair continued the upside move hitting the high of 1.4347 resistance, which was capable of hindering the upside path as the pair was trading in overbought areas over intraday basis and was bound to move south, the negative crossover on Stochastic was accompanied by reversal on RSI, the pair is not attacking the 1.4280 support heading towards the pivotal support area around 1.4260-50 where it set its low today, failure to withhold above this level with four-hour closing at least will accelerate the downside move reversing earlier gains as the pair is still heavily overbought; the latter if breached will extend the downside move over the short term.”



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