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Forex: EUR/USD rally capped at 1.4280

By FXstreet.com,  November 04, 2010, 11:25:00 AM EDT

FXstreet.com (Barcelona) - The Euro has risen sharply, favoured by surging risk appetite after Fed's quantitative easing measures, with the pair's rallying beyond 1.4160 previous mid term high to reach a fresh 10-month high at 1.4280.

Indicators show the pair overexhausted to the upside, according to Valeria Bednarik, technical analyst at FXstreet.com: "Market today is all about dollar weakness, with hourly indicators showing extreme overbought conditions yet price consolidating near daily highs. Break or acceleration above 1.4260 should signal further gains towards the 1.4320 price zone, yet not much further today."

Resistance levels, according to Bednarik, lie at 1.4260, 1.4290 and 1.4320. On the downside, support levels lie at 1.4210, 1.4180 and 1.4150.




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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