FXstreet.com (Buenos Aires) - EUR/USD Current Price: 1.4663. Pair reached 1.4622 lows with Nikkei opening 1.4% to the downside, yet quickly rebounded, at the 61.8% retracement of the monthly fall 1.6038/1.2330 that lies exactly there. Due to the extreme overbought conditions reached in the daily charts these days, indicators show pair has still room to extend the downside rally, with strong bearish momentum in the hourly.
Bigger time frames also suggest such continuation, yet the pair needs to confirm under that 1.4610/20 area with a 4 hours candle opening or an acceleration trough it, to extend the downside rally. Next key support comes at 1.4550 area ahead of 1.4510. Corrections should remain capped under 1.4700 to allow further falls in next sessions, said Valeria Bednarik, collaborator at FXstreet.com.
Support levels: 1.4620 1.4580 1.4550. Resistance levels: 1.4680 1.4710 1.4745.