FXstreet.com (Barcelona) - After testing the 1.4680 resistance during the early European morning and trading between 1.4660 and intra-day high at 1.4685, the EUR/USD has fallen around 70 pips to find support at 1.4620 in the last hour.

Currently the pair is trading around 1.4640/50, 0.15% above today's opening price action at 1.4625.

Euro retreat from year to date highs at 1.5145 has extended on Monday to 1.4600, the largest decline this year, so far, which, according to Nicole Elliott, technical analyst at Mizuho Corporate bank is a dollar related corrective reaction.

According to Elliott: It is undoubtedly corrective, here and in a whole raft of other major currencies. Therefore we shall be looking for the daily Ichimoku 'cloud', combined with medium term Fibonacci retracement support, to help form an interim base over the next fortnight, here and in the others too, as this is a USD move.

George Clement, analyst at Swiss e Trade, comments: The rise of the pair in Asian and early European trading may soon come to an end in today's trading. Around present levels of 1.4630, a consolidation has set in, which we see as a basis for a down movement, first to 1.4600 and then to 1.4565 today.

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