Browse: Home > EUR/USD reaches new intra-day high
Monday, July 19, 2010
Forex Special - The Hegemonic currency had a meritorious recovery from daily lows at 1.2870 after all bears were faked. On Monday, the pair had lowered more than 50 pips its value, off a 2-month high at 1.3007 touched last Friday, yet a strong rebounds erased early Euro losses.
After an opening at 1.2905 (20 pips downgap), the Greenback stretched below 1.2885 (intra-day support) to reach as far as 1.2870 (intra-day low). However, bulls came to the rescue and lifted the pair back up to 1.2935 (current price), a 0.08% hihger than previous close.
According to Ian G Coleman, Independent Analyst at FXstreet.com: “We are overbought on all timeframes. We do not have confirmation of a trend change as yet. A move through 12867 would be the first indication of a move lower but even then I would only expect a move down to 12700 where we have solid support. We could be forming a small Head and Shoulders formation here that would also give a bias to the downside”.