Thu, Oct 1 2009, 07:44 GMT
http://www.fxstreet.com
FXstreet.com (Barcelona) - The Euro has been capped at 1.4675 area several times this week, the last one on Thursday's Asian session and the pair dropped to 1.4550 low, Nicole Elliott senior technical analyst at Mizuho Corporate Bank, advances the possibility of a retest of the 1.4500 level later today.
Elliott sees the Euro capped at the 9-day moving average and likely to test 1.4500 area: "Consolidating neatly in a little ‘channel’, capped by the 9-day moving average. Today allow for a re-test of the short term 50% Fibonacci retracement and 26-day moving average at 1.4500. Momentum is zero and the Euro is a long way from being overbought."
Support levels, according to Elliott lie at 1.4560, 1.4526 and 1.4500. On the upside, resistance levels are 1.4668, 1.4700 and 1.4725.
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