Forex: EUR/USD: Euro dips below 1.4700 as U.S. markets dip

Fri, Sep 18 2009, 14:32 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Euro has weakened somewhat on early U.S session, as U.S. stocks approach negative levels, and the pair has breached 1.4700 level to hit 1.4680.

Initial support, below 1.4700, remains at 1.4640 (Sept 16 low) and below here, 1.4625. and 1.4560 (Sept 3 low). On the upside, resistance levels, above 1.4700, lie at 1.4770 /Sept 17 high) and above here, 1.4800 and 1.4825 (Sept 23'08 high).

On the downside, Mohammed Isah, technical analyst at FXTechstrategy, warns about corrective pullbacks to 1.4634: "Corrective pullbacks could be shaping up. Its daily studies which are deeply overbought add to this view and if that plays out, declines could be seen towards the 1.4634 level, its Sept 11’09 high at first with a break and hold below there creating scope for further declines towards the 1.4446 level, its Aug 09 high."

• EUR/USD

EUR/USD (Sep 18 at 17:23 GMT)

1.4716/17 (-0.19%)

H 1.4744 L 1.4645

S3	S2	S1	R1	R2	R3
1.4633	1.4670	1.4706	1.4720	1.4757	1.4794

[?]Trend Index	[?]OB/OS Index
Neutral	Neutral
Data updated on Sep 18 at 17:20 (15-minute timeframe)