EUR/USD Lower In Asia Trading

After continuing yesterday’s early Asian rally on the back of dueling comments between the ECB’s Trichet and Fed’s Bullard, the EUR/USD pair has moved lower to start the new trading day. The release earlier of Australia’s Conference Board Leading Index lower for September (0.3% vs. 1.8%) helped the risk and commodity pairs lose their bid. Based on the pattern developing below, the November move higher has been helped with support around the 50% retracement level and each move back toward the 1.50 handle has led to slightly lower lows, for however short a period of time.

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