Tuesday 29 September 2009

Forex: EUR/USD: Euro drops below 1.4600, pares gains

Tue, Sep 29 2009, 07:41 GMT

FXstreet.com (Barcelona) - The Euro has lost about 50 pips at the European opening, and from 1.4635 area, the pair has dipped to levels below 1.4600, trading at 1.4595 at the moment of writing.

On a wider perspective, the Pair remains, moving within the range seen during the last 12 hours from 1.4585 to 1.4635, although range floor at 1.4585 has been tested recently. Below here, next support levels lie at 1.4560 (Sept 15 low) and 1.4530/35 projection. On teh upside, resistance levels lie at 1.4650, and above here, 1.4675/80 and 1.4720/25 (Sept 25/28 high).

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the pair will continue consolidating at current levels: "Correcting and consolidating, clearly above the most recent Fibonacci retracement, between the nine-day and twenty-six day averages. Allow for more sideways work today and maybe for a fortnight."

DATA SNAP:Italy Business Confidence Falls To 74 In September

Tue, Sep 29 2009, 07:45 GMT

DATA SNAP:Italy Business Confidence Falls To 74 In September

By Chiara Vasarri and Giada Zampano

ROME (Dow Jones)--Italian business confidence dropped in September as the outlook for international orders worsened markedly, with the data surprising markets by reversing the past five months' upward trend, figures showed Tuesday.

The business confidence index in the European Union's fourth-largest economy fell to 74 from a downwardly revised 74.4 in August, as sentiment about current demand and output perspectives deteriorated, state-funded research center ISAE said.

The reading was well below a Dow Jones Newswires poll of nine economists, which forecast business confidence to rise to 75.8 in September.

The ISAE business sentiment survey was conducted Sept. 1-17.

Web site: www.isae.it

-By Chiara Vasarri and Giada Zampano; Dow Jones Newswires; +39 06 697 66920; chiara.vasarri@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EcD%2BzY6KbOZIxjF%2FqGjJDw%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

September 29, 2009 03:45 ET (07:45 GMT)

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