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Currency
by ForexNewsNow Team on October 19, 2010

EUR/USD forex technical analysis round-up: Oct. 19

EUR USD analysis - The EU flagNEW YORK (Forex News Now) – As of around 9:30 A.M. GMT on Tuesday, the euro was rising against the U.S. dollar, after erasing earlier losses in European morning currency market trading.

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

FXstreet holds that if EUR/USD can move through 13864, then the currency pair could target 1.3790 and 1.3650.

The realtime forex news site adds that, “A move back above 1.3940 would show that the correction is not finished and look to target 1.4000 and 1.4030.”

Forexcyle, for its part, notes that as long as key support at 1.3775 holds, the EUR/USD uptrend is expected to resume, with another rise to 1.4200-1.4300 area still possible after consolidation.

But according to the site’s intraday analysis, “A breakdown below 1.3775 could indicate that the rise from 1.2587 has completed at 1.4152 already, then pullback to 1.3500 area could be seen to follow.

Meanwhile, in a report geared toward technical analysis trading, Action Forex says strong support is expected from 38.2% retracement of 1.2587 to 1.4150 at 1.3553 to contain downside movement by EUR/USD and bring about another rise.

The site adds, “Above 1.4150 will target medium term trend line resistance at 1.4572 next.”

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