by Tue, 19 Oct 2010 02:57:00 +0200
Forex: EUR/USD hits 1.4000 in Asia
FXstreet.com (Córdoba) - EUR/USD has risen around 60 pips within the last 90 minutes and boosted by the RBA minutes managed to briefly peep above the 1.4000 level. However, the pair has retreated slightly and at time of writing is trading at 1.3975, 0.29% above its opening price.
"EUR/USD is consolidating recent gains, above 1.3930, thus capped by 20 SMA according to this 4 hours chart. Currently around 1.4010, indicators are not showing enough strength to the upside right now, so pair needs to accelerate above 1.4020 to erase this Monday loses and regain past weeks bullish tone, heading towards 1.4060 first, and 1.4110 later on the day", said Valeria Bednarik, analyst at FXstreet.com.
"Below 1.3935, rally could extend towards key 1.3880/90 strong support. Seems further loses will remain limited in current Asian session", Bednarik added.
| Technical Analysis (2010-10-19 00:45 GMT) | |
|---|---|
EUR/USD 1.3973/1.3978 - O: 1.408 H: 1.4087 L: 1.408 C: 1.4085 | |
| Trend | R3: 1.4048 |
 | R2: 1.4013 |
| R1: 1.3978 | |
| S1: 1.3904 | |
| S2: 1.3939 | |
| S3: 1.3974 | |
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