Monday, 29 June 2009

Forex: EUR/USD finds support at 1.3980, back above 1.4020

Mon, Jun 29 2009, 08:00 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - After falling around 60 pips from intra-day high at 1.4043 in the Asian session, EUR/USD has found support at 1.3980, intra-day low, in the early European morning. The pair is trading back above 1.4020, easing some of its initial losses.

EUR/USD is declining 0.35% so far today from 1.4069 opening price to the current 1.4015/25.

Tomas Cedavicius, analyst at Forex-Trends.com, comments: "EURUSD has touched the resistance line at 1.4111 price level, but it just bounced back and now it is going for support line, soon or later we are going to see a break out from this prices range. And when that happens we are going to take an action depending which line is broken, for now waiting is still an option with a possibility taking selling choice after breaking the support line at 1.3934."

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