Resistance 3:$1.3140
Resistance 2: $1.3050
Resistance 1: $1.2980
Current price: $1.2915
Support 1: $1.2740
Support 2: $1.2660
Support 3: $1.2590
Comments:
The euro bounced back from 20-month low against the dollar posted at $1.2745/50 on
speculation the European Central Bank will cut interest rates to
bolster growth as the global economy heads for recession. Closest resistance levels are 61.8%
retracement of the $1.3350- $1.2745 move at
$1.2980, and 50% near $1.3050.
$1.2680/60 represents 76.4% retracement of
the euro rally from November 2005 to July 2008 and Oct-Nov 2006
lows. Further supports are Sep 2005 high $1.2590 and July 2006 low at
$1.2460.