FXstreet.com (Córdoba) - Dollar is extending its gains across the board on Monday, posting sharp gains. EUR/USD is plunging further extending its decline from a 14-month high at 1.5062. The pair fell below 1.4900 to 1.4880 (intra-day low). The next support lies at 1.4840 (Oct 15 low). The pair has fallen 150 pips in the last two hours.
The FastBrokers Research Team affirms: Technically speaking, the EUR/USD is right around where we left it last week. Our makeshift 3rd tier downtrend line and 1.50 continue to serve as the only foreseeable topside barriers separating the currency pair from accelerated upward movements. As for the downside, the EUR/USD has several uptrend lines serving as technical cushions along with 10/22, 10/20, and 10/19 lows. Therefore, while the EUR/USD has seemingly hit at wall at 1.50, near-term technical supports appear to outweigh resistances, normally a positive sign.