FXstreet.com (Barcelona) - After attempting to break intra-day highs at 1.4315, EUR/USD has been rejected by this level and pair has slid around 25 pips in the last hour to trade below 1.4300 again and test 1.4290 (MA200 level hourly chart). Currently the pair is trading around 1.4290/1.4300, 40 pips and 0.30% above opening price action.
EUR/USD's recovery from 1.4190, yesterday's low, has extended on early European session, pair remains moving in a range from 1.4285 to 1.4315, close to 1.4330, 61.8% Fib retracement of Tuesday's decline.
Stoyan Mihaylov, analyst at Deltastock, expects a Euro higher: EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.
Mihaylov concluded: We favor the idea, that an uptrend is already on the run, aiming at 1.4344 and 1.4444, en route to 1.4653. Crucial for the intraday positive trend is 1.4253 support area.