FXstreet.com (Barcelona) - The Euro is declining against the Dollar during the American session and it has eased its previous gains to trade at daily lows. EUR/USD has fallen around 75 pips in the last hour from 1.5035 to break down MA55 60 minutes chart at 1.4990to hit intra-day low at 1.4960.
Currently the pair is trading around 1.4960/70, 0.20% below today's opening price action at 1.4990.
The FastBrokers Research Team comments: The EUR/USD is trading a bit off of intraday highs after nearly hitting October highs, and the currency pair is presently trying to hold strong above its psychological 1.50 level. Meanwhile, our important 3rd tier downtrend line continues to play a key technical role since it runs through these important October highs. Therefore, although the EUR/USD may be on the cusp of a near-term breakout, the two key downside technicals (3rd tier and Oct. highs) are still in play. That being said, the EUR/USD has several uptrend lines serving as technical supports along with 11/10 and 11/09 lows. Hence, there is a strong near-term support system in place should the EUR/USD opt to delay its retest of October highs.