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Forex: EUR/USD rally capped at 1.3745

By FXstreet.com,  November 12, 2010, 06:17:00 AM EDT

FXstreet.com (Barcelona) - The Euro has bounced up on European session supported by a successful Italian debt auction and recovery from 1.3575 day low extended to session high at 1.3740, where the pair hit resistance before pulling back below 1.3700.

On the upside, immediate resistance area lies at 1.3735/55 (intra-day support/resistance levels) and above here, 1.3820 (Nov 10/11 highs). Support levels lie at 1.3575/95 (session low/daily pivot point S1) and below here, 1.3520 (dily pivot point S2) and 1.3500 (figure).

The overall trend remains bearish, according to Stoyan Mihaylov, technical analyst at Deltastock.com, who considers the current upmove as a corrective reaction: "The downtrend is intact and current rebound is expected to be a corrective one, limited below 1.3680-90 resistance area, before next leg downwards, to 1.3508. Crucial for the whole slide from 1.4283 is 1.3830."




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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