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Forex: EUR/USD trimming losses, reaches 1.3680 area

By FXstreet.com,  January 31, 2011, 07:19:00 AM EDT

FXstreet.com (Barcelona) - Euro rally was capped last week at 1.3760, and the pair dropped weighed by risk aversion on escalating tension in Egypt, reaching 1.3570 low on Asian session, where the pair found support to bounce up in Europe, as concerns about Egypt ease, and equity markets trim losses.

The pair is trading right below the 20 SMA on 4 hour charts, which, according to Valeria Bedarik, technical analyst at FXstreet.com, could act as strong resistance: "Still 4 hours chart shows price erasing late losses and slightly up approaching 1.3685, 20 SMA in the 4 hours chart; level now, should act as strong resistance area, and made price retreat if reached."

On the downside, Bednarik points out to key support at 1.3630: "From current levels, lose of 1.3630 should signal further intraday falls towards the 1.3550/70 price zone, while only a candle opening above mentioned SMA could favor a retest of the 1.3750 price zone."




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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