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Monday, November 30, 2009

EUR/USD hovers around 1.5000

The Euro has been moving sideways against the Dollar in the last hours hovering around 1.5000. EUR/USD found support at 1.4970 and from there rose to test levels above 1.5000 but failed to hold on top. Currently trades at 1.4992/95, 0.15% below today’s opening price. The pair is still moving with a downside bias for the day.

To the upside, resistance lies at 1.5020 and above at 1.5060 and 1.5080/85 (intra-day high). Support could be located at 1.4970 and below at 1.4950 and 1.4920/30.

James Hyerczyk, comments: “The inability of U.S. equity markets to follow-through to the upside after the Dollar weakened has helped the currency reverse its early morning course. The Dollar broke overnight as debt problems in Dubai eased over the week-end.”

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