The Euro is extending its recovery against the Dollar but still trades 0.30% below today’s opening price. EUR/USD is testing level above 1.4920, the next resistance lies at 1.4940 and above at 1.4970 (intra-day high). The pair fell earlier to 1.4840 (intra-day low) but Greenback failed to hold below 1.4900.
Michael J. Malpede, analyst at Easy Forex affirms: “EUR traded lower pressured by a drop in risk appetite as global equity markets decline and in reaction to a warning from a German think tank that Germany may face a double dip recession in late 2010. (…) The technical outlook for the EUR is mixed as the EUR falls below is 1.4900. Expect EUR support at 1.4808 the November 17th low and 1.4740 with resistance at 1.4999 the November 17th high.”
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