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Forex: EUR/USD drops to 1.2770 support area, on retreat from 1.2920

By FXstreet.com,  September 07, 2010, 02:21:00 AM EDT

FXstreet.com (Barcelona) - Euro recovery from 1.2585 low on August 24 extended yesterday to a fresh 2-weeks high at 1.2920 resistance area -Aug 12, 17, 18 highs- where the Euro was rejected, and the pair's retreat accelerated, after breaking below 1.2870, dropping to 1.2785 low during Asian trade.

The pair is trading now right above 1.2770/80 support level (Aug 27 high/Sept 2 low), with next support levels below here, at 1.2745 (Aug 31 high) and 1.2700 (intra-day level). On the upside, immediate resistance lies at 1.2835 (daily pivot point S1), and above here, 1.2855 (Sept 1 high) and 1.2875 session high).

EUR/GBP rally from Aug 23 low at 0.8140 extended on Monday to a fresh 5-week high at 0.8390, where the Euro found resistance, and the pair pulled back during Asian session to find support at 0.8320 session low.




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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