FXstreet.com (Barcelona) - Yesterday's decline from 1.4921, confirms, according to the ActionForex.com Technical Team, a short term top: EUR/USD's sharply reversal from 1.4921 has confirmed that a short term top is in place there with bearish divergence conditions in 4 hours MACD and RSI as well as having the rising trend line taken out. Also, break of 1.4638 support argues that rise from 1.4309 is probably just part of the consolidation pattern that started at 1.4966.

From now on, the ActionForex Technical team expects some more depreciation for the Euro: At this point, further decline is still expected as long as 1.4766 support turned resistance holds. The current fall from 1.4921 could extend further to retest 1.4309 low to complete the consolidation that started at 1.4966. On the upside, above 1.4766 is needed to signal that fall from 1.4921 has completed and bring retest of this resistance.