Mon, 13 Dec 2010 01:14:00 +0100

Forex: EUR/USD pressured around 1.3200

FXstreet.com (Buenos Aires) – EUR/USD Current price: 1.3198. Euro starts the week with a heavy tone, opening to the downside against major rivals, and gapping against the greenback to the downside. Despite China did not hike rates this weekend, although has menace to do it for over a month already, dollar has a positive tone across the board.

Technically, EUR/USD holds a bearish tone as both 1 and 4 hours indicators are heading south below their midlines, while price continues developing inside the descendant channel coming from early December. “As usual, behavior regarding the small gap is key: if the pair manages to fill it in the upcoming couple of hours, yet unable to extend gains beyond 1.3230, the downside will likely be favored most of this Monday,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.3190 1.3160 1.3120. Resistance levels: 1.3230 1.3250 1.3280.

Technical Analysis (2010-12-13 00:00 GMT)
EUR/USD 1.3196/1.3199 - O: 1.3332 H: 1.3335 L: 1.3308 C: 1.3313
Trend	R3: 1.3269
	R2: 1.3236
	R1: 1.3203
	S1: 1.3133
	S2: 1.3166
	S3: 1.3199