Thu, 23 Dec 2010 16:31:00 +0100

Forex: EUR/USD, bearish hovering above 1.3055 low

FXstreet.com (Barcelona) - Euro recovery witnessed during the Asian session has been capped at 1.3150, and the pair has reversed on European session, breaking below 1.3080 support to hover above 1.3055 level, with the Euro bearish in one and four hour charts.

The pair is on a bearish continuation after breaking below 1.3080, says Valeria Bednarik, technical analyst at FXstreet.com: "Euro slide extended to fresh lows 1.3055 so far, with a clear bearish continuation tone after breaking below 1.3080 now immediate resistance."

On the downside, below 1.3040 the pair will be targeting 1.2960, according to Bednarik: "Both 1 and 4 hours indicators remain strongly bearish, with immediate static support around 1.3040. Lose of this last, will see next strong one around 1.2960 past November monthly low."

Technical Analysis (2010-12-23 15:15 GMT)
EUR/USD 1.3065/1.3071 - O: 1.3187 H: 1.3188 L: 1.3177 C: 1.3183
Trend	R3: 1.3138
	R2: 1.3105
	R1: 1.3072
	S1: 1.3002
	S2: 1.3035
	S3: 1.3068