FXstreet.com (Barcelona) - The Dollar rallied on Tuesday as crude on the decline of crude prices, Cornelius Luca, economist at Global Forex Trading affirms: The Euro/Dollar had an outside day but sank to a near one-week low and my model went short. Following another decline today, the medium-term upmove should resume.
Support and resistance levels, accordng to Luca, stand as follows: Key support remains at 1.5655. A close below this level would signal a sustained decline and the next level would become 1.5610. This is followed by 1.5570 and 1.5460. Initial resistance is now seen at 1.5740. The next level is 1.5811. Above 1.5865, euro/dollar has distant resistance at 1.6020.