Fri, 18 Jun 2010 01:33:00 +0200

EUR/USD hold gains close to 1.2400

FXstreet.com (Buenos Aires) – EUR/USD Current price: 1.2380. Euro get boosted early Europe, breaking above 1.2350 previous static resistance area, now support, after the SNB shifted its currency policy, stating they will not longer intervene to avoid appreciation but only avoid deflation; also speculations over a banking stress test to be release in the future: situation in Spain seems not to be so bad at the end, and market players choose to follow the trend.

Technically, pair is in a consolidative stage, above mentioned 1.2350 support, capped by 1.2410 Thursday high. “With hourly indicators slightly bearish, pair could correct and retest 1.2340/50 zone, yet only under 1.2320, bearish momentum could send the pair lower; 20 SMA around mentioned level should offer also support in deeps,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.2350 1.2320 1.2260. Resistance levels: 1.2420 1.2450 1.2490.

Technical Analysis (2010-06-17 23:28 GMT)
EUR/USD 1.2382/1.2384 - O: 1.2379 H: 1.2383 L: 1.2373 C: 1.2383
Trend	R3: 1.2445
	R2: 1.2414
	R1: 1.2383
	S1: 1.2308
	S2: 1.2339
	S3: 1.2370