FXstreet.com (Barcelona) - The Euro has continued falling against the Greenback with the pair trading lower on consolidation in the biggest chart between 1.4270 and 1.4450 since December 22 low at 1.4215. Today EUR/USD has declining 125 pips from early Asian session at 1.4445 to break MA55 and 200 periods in the hourly chart at 1.4370/90 and reach intra-day high at 1.4320.
Currently the EUR/USD is trading around 1.4335/45, 0.55% below today's opening price action at 1.4407.
According to TJ Marta, chief analyst at Marta on the Markets, the EUR/USD is lower in the consolidation band: EUR/USD (1.4339) is down overnight but still solidly within its recent 1.42-1.45 range. The daily slow stochastics are trending higher in oversold territory, suggesting the potential for upside pressure. Technical resistance lies at 1.4484 (Jan5 high) and 1.45 (psychological). Support for EUR/USD lies at 1.4218 (Dec22 low), 1.4069 (38.2% Fibonacci retracement of Oct'08 to Nov rally), 1.4046 (Aug17 low), and 1.4000 (psychological). EUR/USD's short-term correlations with other assets have all fallen in recent sessions, although the S&P500 remains significant, The decline in cross asset correlation stems from credit concerns weighing on the currency.