FXstreet.com (Barcelona) - The European currency has continued with its decline against the Greenback from yesterday's high at 1.4415 and, after confirming bearish momentum below 1.4200, the EUR/USD has fallen further to trade below 1.4150 and hit the 1.4130 as lowest level since August 19.
Below 1.4130, come at 1.4100 (psychological level). On the upside, initial resistance lies at 1.4230, and above here, 1.4250/60 (an 19 low), and 1.4300/10.
EUR/USD is falling 1.10% so far today from opening price action at 1.4285 to the current 1.4135.
EUR/USD is down sharply overnight, clearly breaching the rough uptrend in place since mid-Dec. says TJ Marta, analyst at Marta on the Markets, Additionally, the daily slow stochastics have crossed lower, suggesting the potential for downside pressure to continue. Technical resistance lies at 1.4579 (Jan13 high) and 1.4626 (Nov low). Support for EUR/USD lies at 1.4151 (Jan20 low), 1.4069 (38.2% Fibonacci retracement of Oct'08 to Nov rally), 1.4046 (Aug17 low), and 1.4000 (psychological). He concludes.