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Forex: EUR/USD bulls sidelined in quiet Asia

By FXstreet.com,  April 16, 2012, 07:22:00 PM EDT

FXstreet.com (San Francisco) - EUR/USD rallied sharply from its 2-month low at 1.2994 during the US session Monday, recovering over 150 pips following better than expected retail sales to climb to a daily high of 1.3147 before closing at 1.3140, gaining 0.5% on the day.

According to Valeria Bednarik, Chief Analyst at FXstreet.com, the hourly chart shows indicators are in extreme overbought levels, aiming slightly higher, though price is not following trough.

So far in the Asia-Pacific session, EUR/USD has retraced some of the gains made overnight, last quoted in the 1.3130 area. Farther to the downside, support levels are noted at 1.3110, 1.3070 then 1.3030. To the upside, resistance levels lie at 1.3160, 1.3190 and 1.3220. "Above 1.3160, expect the pair to retest past week high set around 1.3220 area," comments the analyst.




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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