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Forex pairs in this Article » EUR/USD
FXstreet.com (Barcelona) - Not able to sustain gains, EURUSD is back to where it finished past Friday, last at 1.3163, off fresh session lows at 1.3154, after breaking higher to fresh 7 1/2 month highs at 1.3188 in early trade following LDP party win in Japanese general elections. Nikkei index breaking to almost 9-month high right below the 9900 mark up +1.43% for the day, along with US SP500 futures opening with an 8 point climb, suggest an improvement in risk appetite.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: "The hourly chart shows a strong upward momentum, as indicators regain the upside after correcting some of the overbought reading reached on Friday. In the 4 hours chart, technical readings show the pair is also overbought, yet corrective movements so far seem limited by 1.3130, next short term support," the analyst notes, adding: "To the upside, once above 1.3200 the pair has room to extend up to 1.3280 area, past May monthly highs."

Valeria finds support levels at: 1.3170, 1.3130 and 1.3090, while resistance levels at: 1.3200, 1.3245 and 1.3280.
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