Forex: EUR/USD: Euro stalls right above 1.4700

FXstreet.com (Barcelona) - The Euro is hovering at levels right above 1.4700, as rebound from intra-day low at 1.4647 has stalled at 1.4715, and according to Mohammed Isah, technical analyst at FXTechstrategy, corrective pullbacks are starting to shape up.

Isah observes the Euro heavily overbought on daily charts: "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."

On the upside, Isah points out to 1.4719 resistance area to open the path to 1.4875: "EUR must break and close above the 1.4719 level with a hold above there triggering further upside gains towards the 1.4875 level, its Sept 21’09 high ahead of the 1.5000 level, its psycho level and then the 1.5082 level, its Aug 10’08 high.