Friday, July 23, 2010
Anri Suzuki Jap model
Forex: EUR/USD recovery, capped at 1.2850
Euro decline after the last failure to gain 1.3000 on Tuesday, found support at 1.2730/40 area, and the pair picked up on European session, with stock markets on bid tone, to reach 1.2850 high before easing to 1.2820.
On the upside, immediate support lies at 1.2850 (session high) and above here, 1.2870 (intra-day level) and 1.2915 (Jul 21 low). On the downside, the pair might find support at 1.2879/00 (Jul 21 low), and below here, 1.2730 (Jul 21 low), and 1.2705 (Jul 15 low).
Current upmove might be a mere correction according to Slobodan Drvenica, Windsor Brokers Ltd, while 1.2920/30 remains intact: "Upside regain of 1.2920/30 is needed to return to strength, while loss of 1.2681 risks retest of 1.2522."