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Forex: EUR/USD's recovery limited at 1.3240

By FXstreet.com,  April 30, 2012, 12:24:00 PM EDT

FXstreet.com (San Francisco) - The EUR/USD's rebound at 1.3205 and posterior recovery has been halted at 1.3240 when the pair has been rejected and sent to the 1.3220 zone. Currently the Euro is pricing at 1.3228 against the Greenback.

Pair is falling 0.06% so far today from opening price action. Coming back from 1.3265, intra-day high, the pair has fallen toward the daily low at 1.3205 throughout the European session.

According the Fan Yang, the EUR/USD has been flattening inside a rising channel but "The EUR/USD has been having trouble at the 1.3260 pivot and has fallen from that level after several forays."

Speaking about possible movements, "a break below the 1.3170 pivot will probably be needed to clear a rising channel support," comments Fang. "This will also break below the 200-hour simple moving average. The RSI pushing below 30 would be a very good clue for a pick up of bearish momentum."




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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