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12 August 2011

EUR/USD News..

(Barcelona) - The Euro has bounced up from 1.4150 to break above 1.4255 session high and reach 1.4300 area ahead of Wall street opening, although the general overview remains negative, according to Ron William, technical analyst at, while below 1.4420.

Euro remains bearish while below the downtrend line from May lows, says William, heading to 1.3943: "Our long standing bearish view remains in play while the downtrend (from May 04th) holds. A resumption lower will target 1.3943 (200-DMA), where a large amount of die-hard trend followers will be watching closely for repeat support or a big squeeze lower toward our initial objectives at 1.3770 and 1.3410."

On the upside, the pair should rise above 1.4580 to ease downside pressure


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