FXstreet.com (Barcelona) - The Euro is trading lower today's session against the Dollar after falling around 115 pips from intra-day high at 1.5015 in the early Asian session to break MA55 hourly at 1.4990 and MA100 at 1.4960 and test 1.4900 level, first time since Nov 9.
Currently the pair is trading around 1.4915/25, 0.50% below today's opening price action at 1.4987.
On the fundamental view, Mitul Kotecha, analyst at econometer.org, comments: One currency that has failed to take advantage of the weak USD over recent days is EUR/USD and its failure to make a sustainable break above 1.50 highlights that momentum in the currency is fading. EUR/USD looks vulnerable on the downside in the short term, with resistance seen around 1.5050. Speculation that China will resume CNY appreciation has taken some of the steam out of the EUR given that it implies less recycling of intervention flows into the currency.
On the Technical side, Mohammed Isah, analyst at FXTechstraegy, comments that on the whole, having held firmly above the 1.4844 level, further upside is expected nearer term: EUR continues to sustain its upside gains started from the 1.4625 level though having a tough time breaking and holding firmly above its key overhead resistance at the 1.5000 level. Although attempt above the level failed on Tuesday and Wednesday, as long as the pair continues to hold above its strong support at the 1.4844 level and its LT rising trendline, an eventual retarget and break of the 1.5000/62 levels is likely to be seen. Beyond there will open further upside risk towards the 1.5082 level, its Aug 10'08 high and next its 1.5283 level, its May 04'08 low.