However, prior to the NY close, a retreat to 1.2720 left clear a challenging task lies ahead, should the Euro dissipate renewed debt woes and gather steam to replicate the upside momentum seen in early Sept. In the Tokyo session, the pair has been trading in a narrow margin between 1.2725 and 1.2740.

“We need to see a close above (1.2772) or below (1.2666). EURUSD is struggling in a battle between both market forces (bulls and bears) the instrument has a trading range to break. Any four hours close above (1.2772) will open the way for a little push upward to test the resistance level at (1.2820), and a four hours close below (1.2666) will let the instrument test the next support level at (1.2625)” said the 4XEagleEye Analysis Team.

Thu, Sep 9 2010, 02:46 GMT
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