FXstreet.com (Barcelona) - The Euro's rebound at 1.4680 against the Dollar has continued during the European session to break MA100 hourly at 1.4725 and MA55 1.4740 to trade above 1.4750 and post fresh intra-day high at 1.4770.
Currently the pair is trading around 1.4760/70, 0.30% above today's opening price action at 1.4718.
Stoyan Mihaylov, Analyst at DeltaStock, comments: EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523. The pair is still in the downtrend from 1.4817 and keeping in mind that Friday's attempt to break above 1.4780 resistance failed, the bias should be considered negative for 1.4615, en route to 1.4478. Nevertheless, we continue to think, that current slide is just a part of the consolidation pattern below 1.4842 and is expected to hold above 1.4410-44 dynamic support on the daily frame. Intraday resistance comes at 1.4725, followed by the crucial 1.4775.