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Currency Forex Analysis
by ForexNewsNow Team on October 11, 2010

EUR/USD forex technical analysis round-up: Oct. 11

euro dollar EUR/USD retail salesNEW YORK (Forex News Now) – Here is a brief survey of technical analysis for EUR/USD for the week of October 11th on various online forex news outlets.

After starting the week around 1.4000, the pair gave up some ground in what FXstreet stipulated was “a risk aversion movement triggered by China decision of raising the deposit reserve requirement for the country’s big four state-owned lenders and two other commercial banks, by 50 basis point that could affect the country growth.”

A DailyFX analyst said that EUR/USD “is at a meaningful psychological barrier and five-month high at 1.40” adding that “EURUSD’s performance to this point has been founded on the speculation of an imminent increase in stimulus by the Fed and a general stabilization in the European financial.”

Forexpros predicted that EUR/USD “was likely to find support at 1.3832, last Friday’s low and short-term resistance at 1.4028, last Thursday’s high.”

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