FXstreet.com (Barcelona) - The Euro's drop from 1.5015 against the Dollar in the Asian session has continued during the European and American session with the pair falling below 1.4900 level and testing 1.4850.
Currently the pair is trading around 1.4860/70, 0.80% below today's opening price action at 1.4987.
Valeria Bednarik, FXstreet.com comments: Timothy Geithner decided to support greenback, stating in a television interview that it's very important the U.S. maintains a strong dollar. He also said that, while it's too soon to withdraw stimulus measures, the Obama administration is committed to reducing the record U.S. fiscal deficit, a legacy of reliance on overseas funds and unprecedented stimulus spending to counter the crisis.
The ecPulse.com analysis team believes that the Greenback is the today's winner: The European Central Bank today released its November monthly report as they revised upwards economic growth for this year and next year, although this data should have boosted the euro in the markets, we currently see it declining against the dollar based on correctional movements. The pair is being traded at 1.4921 between the support of 1.4889 and the resistance of 1.4958 while recording a high of 1.5015 and a low of 1.4902. The momentum indicators are showing that the pair is being traded close to an oversold area.