Forex: EUR/USD: Euro, in range after hitting one-week high at 1.4360

Mon, Sep 7 2009, 10:58 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - Euro rally from 1.4190 low on Friday has extended to 1.4360 high on European session and the Euro has remained hovering between 1.4340/55 for most of the European session.

Above 1.4365 intra-day high, next resistance levels lie at 1.4375 (Sept 1 high) and 1.4405 (Aug 27 high). On the downside, initial support lies at 1.4315/25, and below there, 1.4285 and 1.4230.

According to Greg Holden, technical analyst at ForexYard, a bearish cross on 4hr charts slow stochastics might advance a downwaerd move: "The daily chart is showing mixed signals with its RSI fluctuating at the neutral territory. However, there is a fresh bearish cross forming on the 4-hour chart's Slow Stochastic indicating a bearish correction might take place in the nearest future. Going short might be a wise choice."

EUR/USD

EUR/USD (Sep 07 at 13:08 GMT)

1.4332/34 (0.19%)H 1.4363 L 1.4299S3 S2 S1 R1 R2 R3

1.4254 1.4290 1.4326 1.4338 1.4373 1.4409

[?]Trend Index [?]OB/OS Index

Neutral Neutral

Data updated on Sep 07 at 13:05 (15-minute timeframe)