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EUR/USD rebounds at fresh intraday low

By FXstreet.com,  May 20, 2010, 07:50:00 AM EDT

FXstreet.com (Buenos Aires)- EUR/USD reached a fresh intraday low at 1.2307 in a short lived spike, rebounding quickly back to the 1.2330/40 area; however, pair remains under selling pressure as risk aversion returned to markets dulling yesterday's rally against safe havens dollar and yen. Still far from 1.2145 yearly low, pair has been unable to overcome key resistance area 1.2440 that according to Valeria Bednarik, Fxstreet.com chief analyst, remains the key for an upside break.

According to Bednarik, "only a clear candle opening above that level, and strong upwards acceleration could signal an extension of yesterday's rally and push the pair to the 1.2510 zone".




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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