Tuesday, June 8, 2010
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Forex: EUR/USD picks up and reaches levels right below 1.2000
Euro decline from 1.2215 high on Friday extended lower on Asian session, and the pair reached a fresh 4-year low art 1.1875, to pick up in European session, regaining Asian losses to reach session high at 1.1990 so far.
The pair is going through a corrective upside reaction from extremely oversold technical levels, with next resistance at 1.2020/30, according to Valeria Bednarik, technical analyst at FXstreet.com: "Pair has first resistance area above current high, around 1.2020/30 zone, so an acceleration back to the 1.1995 area, should trigger a continuation rally to that level, that if holds, could extend to 1.2060/80 zone."
On the downside, below 1.1935, the pair would regain selling pressure, says Bednarik: "Pair now needs to lose 1.1935 to be again under selling pressure, and head back towards daily low around 1.1870."