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by ForexNewsNow Team on October 7th, 2010

EUR/USD forex technical analysis round-up: Oct. 7

EUR USD analysis - euros and dollarsNEW YORK (Forex News Now) – As of around 5:00 P.M. GMT on Thursday, the euro was retreating against the dollar, after pulling back from a fresh 8-month high above the 1.4 mark in European currency market trading.

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

FXstreet notes that the hourly chart shows indicators turning bearish, while the “current candle opening under 20 SMA that now acts as dynamic resistance could support further falls.”

In the site’s EUR USD analysis, FXstreet holds that EUR/USD is likely to find near-term support around the 1.3830/40 zone.

According to Forexcycle, the currency pair’s uptrend is expected to continue in a couple of days.

The realtime forex news site sees support “at the trend line now at 1.3755.” It notes that only a clear break below the trend line support could indicate that the rise from 1.2643 is complete.

Meanwhile, in a useful earlier report for technical analysis trading, written at the height of the euro’s rally against the dollar, Actionforex points out that the pair could continue to a 100% projection of 1.1875 to 1.3330 from 1.2587 at 1.4042.

The site adds, “Break will target medium term trend line resistance at 1.4591currency pair’s short-term outlook remains bullish, with support at 1.3636 intact.”

By ForexNewsNow Team

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