F X : EUR/USD: Euro retreats from 1.4378 day high, to 1.4330
FXstreet.com (Barcelona) - Euro recovery from Monday's low at 1.4255 low has been capped at 1.4378 day high, as the Euro retreated to hit levels around 1.4330. At the moment of writing, the Euro moves around 1.4345.
Support levels remain at 1.4315/20 intra-day low, and below here, 1.4255 (Aug 31 low) and 1.4215 (Aug27 low). On the upside, resistance levels lie at 1.4390 (Aug 28 high), and above here, 1.4405 (Aug 27 high) and 1.4430.
On the Daily charts, Greg Holden, technical analyst at ForexYard, observes the possibility of a downward correction, as RSI moves in overbought territory: "The price appears to be floating in the over-bought territory on the daily chart's RSI, indicating a downward correction may occur later today. However, the hourly chart's Slow Stochastic indicates a recent bullish cross, signaling a possible continuation of the upward movement. In the short-term traders however may expect a downward correction, but longer-term traders may want to maintain their long positions today."
