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Forex: EUR/USD, expect another 1.3650/1.3870 range - V.Bednarik

By FXstreet.com,  October 20, 2011, 06:30:00 PM EDT

FXstreet.com (California) - EUR/USD saw extreme volatility on Thursday amid mixed news on whether a solution to Europe's debt crisis will be found at a key EU summit this weekend.

According to Valeria Bednarik, Chief Analyst at FXstreet.com, the "Hourly chart shows latest bullish momentum fading although price holds near the 1.3800 level; in the 4 hours chart, indicators are mostly flat giving no clues about further direction. Expect the wide 1.3650/1.3870 range to persist ahead of the weekend summit."

EUR/USD is currently trading in a limited range in the Asian morning. To the upside, resistance levels lie at 1.3810, 1.3845 and 1.3870, while, to the downside, support levels lie at 1.3730, 1.3685 and 1.3650.





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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