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Forex: EUR/USD hits lows sub 1.4200; 1.4155 support, on sight

By FXstreet.com,  May 12, 2011, 02:41:00 AM EDT

FXstreet.com (Barcelona) - Euro retreat from one-year high at 1.4920 last week extended on Wednesday's US session with equity markets on "risk off" mode, and the pair breached the floor of the week's trading range, at 1.4255/70 to hit fresh 4-week lows at 1.4170, about 15 pips shy of April low.

On the downside, immediate support lies at 1.4155 (Apr 5/18 low). Below here, 1.4050/60 (Mar 29/30 lows) and 1.4000 (psychological level). On the upside, the Euro might find resistance at 1.4255/70, (May 9/10 low), and above here, 1.4320/40/70, (May 9/10 highs) and 1.4575/90 (May 6 highs).

On longer-term studies, the pair is forming a bearish pattern, according to the ecPulse.com Team, with its neckline at 1.4170, which could trigger further depreciation today: "We have a critical support ahead at 1.4170 representing the neckline for a proposed bearish pattern still under formation, which will extend the intraday downside move within the correctional formation for the bullishness from 1.2870."




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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