FXstreet.com (Barcelona) - Euro has fallen around 65 pips in the last hour against Dollar from 1.4385 to post fresh intra-day low at 1.4320. Pair has turned back in its daily losses after attempting to recover from previous low at 1.4325 in the early European morning and posting intra-day high at 1.4390.
Currently the pair is trading around 1.4330/40, 0.25% below today's opening price action.
The FastBrokers research team comments: The EUR/USD has popped above our key 4th tier downtrend line after the combination of better than expected U.S. and British GDP data with an encouraging EU Services Confidence number has motivated bulls to re-enter the risk pool. The S&P futures are knocking at the door of their previous 2009 highs while the 30 Year T-Bond futures drop like a rock. To top the cake, gold is registering an explosive move to the topside. As a result, all of the EUR/USD's correlations are indicating a bullish movement approaching. It appears the volatility we were anticipating is finally kicking in. The EUR/USD's ascent past our 4th tier downtrend line is a key technical move in our eyes since it runs through August highs. Hence, the EUR/USD may be headed for a larger leg up with a high probability of retesting these August 5th highs. We notice volume is picking up on the buy-side, highlighted by the 1-hour chart.