Wed, Sep 9 2009, 10:24 GMT
http://www.fxstreet.com
FXstreet.com (Barcelona) - Support at 92.00 has proven strong enough to hold Dollar decline from 93.30 on Tuesday, and the pair bounced up during Asian and European session Wednesday to reach levels at 92.60 at the moment of writing, 0.30% above its day opening level.
Today's pick up, according to Stoyan Mihaylov, technical analyst at Deltastock.com, is corrective in nature, and the Dollar looks likely to break below 92.25: "As expected, the pair reversed above 92.+, but the rise is corrective in nature, so we will expect a break below 92.25 to target next support area around 90.35. Intraday bias is still positive, supported at 92.38, with a maximum target below 93.82 resistance."
Resistance levels lie at 92.70/80 (Sept 7 low) and above here, 93.10 and 93.30 (Sept 7 high). On the downside, initial support lies at 92.00 (Sept 8 low) and below there, 91.95 (Sept 3 low) and 91.75/80 (13/8 Jul lows).
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