FXstreet.com (Barcelona) - The Euro has finally found support against the Dollar at 1.4920, coming from its 70 pips decline from 1.4990, and after bouncing at this level, the EUR/USD is trading back close to 1.4950, 010% below today's opening price action.
According to the FastBrokers Research Team, the EUR/USD fluctuates following negatively mixed US data: Today's EU data releases were all positive with Germany's Ifo Business Climate and EU Industrial New Orders topping analyst expectations. The EUR/USD strengthened following the EU releases, but this morning's U.S. econ data is keeping the currency pair in check. U.S. Prelim GDP and the S&P/CS HPI Index data all came in weaker than anticipated and we are presently awaiting the CB Consumer Confidence number... the EUR/USD still faces our 2nd tier and 3rd tier downtrend lines, which run through October and November highs, respectfully. Furthermore, the EUR/USD has to deal with its highly psychological 1.50 zone. As for the downside, the EUR/USD does have multiple uptrend lines serving as technical cushions along with 11/20 lows. Therefore, quite a few technical cushions and barriers are waiting nearby. Hence, further consolidation may not be out of the question.