EUR/USD Light volume day
Monday, October 11, 2010
, Posted by Usman Ali Minhas at 7:38 AM
With several major markets closed on holiday, Monday has seen euro pulling back as expected to the 1.3900/30 area, filling past weekly opening gap. 4 hours chart shows the pair found support at the 20 SMA, with indicators above their mid lines despite heading lower. Strong support comes at the 1.3880/90 area, where converge the 61.8% retracement of the 1.5140/1.1870 rally and the ascendant trend line coming from early September. Lose of the level, could trigger some stops and push the pair towards the 1.3800/40 price zone-
Now, 1.3960 comes as immediate resistance level; pair needs to extend gains above it, to confirm further recoveries towards the 1.4000/30 price zone.
View Live Chart for the EUR/USD
