FXstreet.com (Barcelona) - The Euro's decline against the Dollar throughout the European session after reaching 1.4485 as 2-week high has finally found support at 1.4400 in the last hour. Currently the pair is trading back close to 1.4420/30, rising 0.10% so far today from opening price action at 1.4412.
According to TJ Marta, analyst at Marta on the Markets, the EUR/USD is testing higher in consolidation range: EUR/USD (1.4416) is up overnight and breached the top of its holiday trading range. The daily slow stochastics are oversold but turning higher, suggesting the potential for an upside move. 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.