FXstreet.com (Córdoba) - Greenback is rising against the Euro after falling in the last three days. EUR/USD is consolidating below 1.4700. The pair bottomed earlier at 1.4658, posting a fresh intra-day low. From there rebounded but found resistance at the 1.4700 zone and regained the downside. Currently the pair trades at 1.4668/71 0.40% below today's opening price action.
On the downside the next support lies at 1.4645 (Oct 6 low) and below at 1.4600. Resistance above 1.4700 is located at 1.4735 (intra-day high) and above at 1.4760 (Oct 6 high).
The ecPulse.com analysis team affirms: The dollar is seen rising versus major currencies, as a result of the stock market tumbling and therefore reducing the appeal of higher yielding assets; increasing the demand on lower yielding assets. Regarding EUR/USD the ecPulse.com team sees momentum indicators on one-hour charts revealing that the pair is trading near an oversold area.