FXstreet.com (Córdoba) - The Dollar is extending it gains across the board. EUR/USD has fallen below 1.4700 for the first time since November 3. The pair fell to 1.4693 reaching a fresh 5-week low. If the pair falls further, it could find support at 1.4680 and below at 1.4620. To the upside resistance is located at 1.4725 and above at 1.4780 and 1.4820. Currently the pair trades at 1.4697/1.4702, 0.85% below today's opening price and is falling for the third day in a row accumulating a decline of more than 350 pips.
James Chen, technical analyst at FX Solutions, affirms: The pair has not only made a bonafide breakdown of the steep uptrend support line that has been in place for much of the year, it has also just made a tentative breakdown below key support in the 1.4800 price region, establishing a new 1-month low in the process. Whether a true bearish trend reversal materializes still remains to be seen. Further bearishness on the current trend breakdown could potentially target strong support in the 1.4450 price region. Upside resistance continues to reside around the double-tested high in the 1.5140 region, which represents a 15-month high for the pair.