Thu, 19 Aug 2010 23:09:00 +0200

Forex: EUR/USD back above 1.2800

FXstreet.com (Córdoba) – After falling more than a hundred pips from daily highs to 1.2790, the Euro was able to rise back above 1.2800 in the final hours of the American session. The recovery of the pair found resistance at 1.2835 and currently trades at 1.2820/25, 0.20% below today’s opening price.

On Thursday the pair was rejected once more from levels on top of 1.2900 but it found buyers below 1.2800, repeating yesterday’s moves.

“Despite positive developments in the EU, data from the U.S. is driving the markets for the time being. While we recently saw investors selling the Greenback following weak U.S. data, the opposite may take hold if investors fear a slowdown in the U.S. will spread to the EU and UK”, the FastBrokers Research Team said.

According to the Team it will be important to see the EUR/USD stay above medium-term uptrend lines running through June 29 lows, or the 1.2150 area.

Technical Analysis (2010-08-19 20:45 GMT)
EUR/USD 1.2825/1.2826 - O: 1.2766 H: 1.2772 L: 1.2761 C: 1.2767
Trend	R3: 1.2889
	R2: 1.2857
	R1: 1.2824
	S1: 1.2749
	S2: 1.2781
	S3: 1.2814