Wednesday, February 9, 2011

FXstreet.com (Barcelona) - Euro recovery from Monday's low at 1.3505, was capped yesterday at 1.3685, right above Friday's high, and the pair has remained trading rangebound today consolidating between 1.3610 and 1.3660 on the upside.

Resistance levels lie at 1.3680/85 (Feb 4/8 highs), and above here, 1.3745 (Daily Pivot Point R2) and 1.3765 (Feb 2 low). On the downside, support levels lie at 1.3610 (Feb 3/9 lows) and below here, 1.3575/90 (Feb 8 lows), and 1.3540 (Feb 4 low).

The pair is on a downside correction, according to Peter Rosenstreich, technical analyst at ACM, likely to drop further before resumption of the broader bullish trend: " We still feel that further liquidation of speculative longs may precipitate in this downtrend before a resumption of the broader uptrend can get under way."

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