FXstreet.com (Buenos Aires) - EUR/USD Current Price: 1.4498. Pair remains strongly bullish despite overbought, with downside capped by the 1.4470 area 20 SMA in the hourly with a strong bullish slope; hourly charts point for a downside correction, favored by Nikkei opening to the downside 0.5%, although any downside movements should remain short lived in the pair; under mentioned area, 1.4445 previous yearly high, should hold the downside.
A downside correction before another attempt to rise will favor more rises in the pair, and above 1.4535 yesterday's high, expect the pair to resume uptrend to test past December high of 1.4720, said Valeria Bednarik, collaborator at FXstreet.com.
Support levels: 1.4470 1.4445 1.4410. Resistance levels: 1.4535 1.4565 1.4600.