Forex: EUR/USD resumes bid tone, up at 1.3670

Tue, 25 Jan 2011 02:53:00 +0100

Forex: EUR/USD resumes bid tone, up at 1.3670

FXstreet.com (Barcelona) - Euro's uptrend against the US Dollar is picking up momentum during the Asian session. The shared currency has up-legged over 35 pips to now threaten yesterday's highs at 1.3685; presently price still remains 15/20 pips from reaching that first area.

Technically, the 4CAST analysis team expects “further gains to see resistance at the 1.3696 and 1.3732, previous lows seen last Oct. Overbought daily tools caution a pullback though support now at 1.3580 then 1.3540 low. Only failure here to see deeper pullback to 1.3462 and 1.3445”.

Technical Analysis (2011-01-25 01:45 GMT)

EUR/USD 1.3667/1.367 - O: 1.3504 H: 1.3507 L: 1.3492 C: 1.3493

Trend R3: 1.3740
R2: 1.3706
R1: 1.3672
S1: 1.3598
S2: 1.3632
S3: 1.3666