FXstreet.com (Córdoba) - The Euro failed to break above 1.4760 (intra-day high) and fell finding support at 1.4705. EUR/USD remains moving sideways between 1.4670 and 1.4780 consolidating after its reversal from at 1.5140 area last week. If the pair falls below 1.4700 immediate support lies at 1.4685/75 (intra-day low / Dec 9 low) and below at 1.4625 (Nov 3 low).
The FastBrokers Research Team affirms: If the EUR/USD doesn't move higher from its developing base the currency pair could be in for another wave of near-term selling pressure. That being said, the EUR/USD still does have our 1st and 2nd tier uptrend lines serving as technical cushions along with November lows. Should conditions deteriorate, the EUR/USD could find solid support in the form of its psychological 1.45 area and October lows.
Timothy Geithner is speaking at a Congressional panel about the Troubled Asset Relief Program (TARP).