EUR/USD forex technical analysis round-up: Jul. 4

ForexNewsNow | Published on July 4, 2011 at 4:04 am

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The euro was falling against the greenback today, trading at 1.4524 as of around 7:43 A.M., GMT.

The euro is down 0.05% on the day and has reached a session high of 1.4579 with a low of 1.4507 so far.

Later in the day, euro zone data on producer price inflation and investor confidence is to be published, while markets in the U.S. will remain closed for Independence Day.

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

Analysts on Forexpros noted that the euro pared gains against the U.S. dollar today, pulling back from an almost four-week high after ratings agency Standard and Poor’s said the debt rollover plan for Greece may place the country in “selective default.”

If the pair continues its advance into higher levels during the upcoming sessions, resistance levels lie at 1.4585 and 1.4610, according to Valeria Bednarik, Chief Analyst at FXstreet. On the downside, Bednarik recognizes support at 1.4510, 1.4480 and 1.4445.

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