FXstreet.com (Barcelona) - The EUR/USD's decline after reaching intra-day high at 1.4415 in the Early American session has found support at 1.4300 with the pair bouncing back to trade above MA55 hourly at 1.4350 and MA200 hourly at 1.4370 to trade close to 1.4400.
Currently the pair is trading around 1.4380/90, 0.63% above today's opening price action at 1.4305.
The ecPulse.com analyst team comments: EUR/USD is minimized its earlier gains accrued directly after the release of the NFP report that lifted the pair up to a high of 1.4415, but now it is traded at 1.4321 after doing a downside correction that appears clearly on the 4-hour charts. The pair recorded a low of 1.4261, while it is facing the coming support at 1.4280 while resistance is seen at 1.4360.
The FastBrokers Research Team affirms: EUR/USD still faces multiple downtrend lines along with the psychological 1.45 level, 1/05, 12/23, and 12/18 highs. Hence, some challenging near-term topside technicals are in place due to the EUR/USD's downturn in December. As for the downside, the EUR/USD has technical cushions in the form of our 1st and 2nd tier uptrend lines along with intraday and 1/04 and 12/22 lows.