EUR/USD forex technical analysis round-up: Sept. 24

ForexNewsNow | Published on September 24, 2010 at 10:32 am

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EURUSD technical analysis - Fed chief BernankeNEW YORK (Forex News Now) – As of around 5:20 P.M. GMT on Friday, the euro was soaring against the dollar, as it erased Thursday’s losses in currency market trading to hit a fresh 5-month high.

This is what the analysts say about the heavily traded currency pair in the near-term:

According to FXstreet, the euro “holds a bullish tone according to hourly indicators.” In the Barcelona-based site’s EUR USD analysis, the pair is likely to target 1.352; it is also likely to near-term resistance around 1.3564 and support around 1.3411.

Forexcylce, meanwhile, believes that, “As long as 1.3250 support holds, we’d expect uptrend to resume and another rise to 1.3600 is still possible.”

The site also notes that EUR/USD has stayed above a uptrend line on the 4-hour chart, and remains in uptrend from 1.2643. The pullback from 1.3439 is treated as consolidation of the uptrend, Forexcyle says.

Actionforex, for its part, says: “intraday bias remains on the upside for 61.8% projection of 1.1875 to 1.3330 from 1.2587 at 1.3486 and break will target 100% projection at 1.4024 next, which is close to 1.4 psychological level.”

The the currency market trading news site strikes a slightly more cautious note, speaking of downside risks, but reassures FX traders that, “Downside should be contained by 1.3018/3158 support zone and bring rally resumption.”

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