Forex: EUR/USD pulls down to 1.5000 on a late downside rally in stocks

Reported by FXstreet.com on Wednesday, 21 October 2009 (on October 21, 2009)

FXstreet.com (Córdoba) – U.S. markets tumbled in the last hour of trading and lost previous gains and ended in the negative side. The Dow Jones lost 0.92% and finished below 10,000. Falling stocks helped Dollar move away from the lows of the days across the board but still remains at the lowest level in 14 months. EUR/USD peaked at 1.5046 (14-month high) and from there fall quickly to test levels below 1.5000. The pair is now hovering around 1.5000, 0.45% above today’s opening price. If the pair falls further the next support lies at 1.4980 and below at 1.4955/50. The ecPulse.com analysis team affirms: “Despite optimism spread within overall markets due to cheerful earnings posted today from huge and known U.S corporations; having in fact Yahoo! Inc. and Morgan Stanley witnessing better-than forecasted results throughout their third-quarter, the U.S stocks end up in a red zone after that Wells Fargo & Co. after analyst Dick Bove downgraded Wells Fargo shares and signaled that the better than expected profits were a result of hedging gains rather than increased activity in businesses.”For more information, read our latest forex news.

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