FX : EUR/USD: Euro extends decline, approaches 1.4640 level
FXstreet.com (Barcelona) - Euro retreat from 1.4770 11-month high on Thursday has extended during Friday's early European session, as the Euro has confirmed at two-day's low after breaking below 1.4690/00 support. The Euro trades now at 1.4650 area, right above Sept 16 low at 1.4640.
According to Carol Harmer, technical analyst at Charmer Charts, buyers could come at current levels: "If the Euro breaks 1.4670 it will come under pressure for 1.4640/20. Sellers are expected to cover to these lower levels. Buyers will enter, but they will be wary and will jump ship if the market loses 1.4610 support."
On the downside, Harmer observes 1.4610 for support as key for further bearish moves: "A loss through here (1.4610) will see this decline further, leaving 1.4575 then as your short term objective. Once more sellers will cover. Only below 1.4570 would you see them resurface for 1.4520.
