FXstreet.com (Córdoba) - The Euro is rising further against the Euro helped by stocks that are moving away from the lows at Wall Street. EUR/USD has risen more than a hundred pips so far during the American session. The pair jumped above 1.4930 to 1.4985. Currently it trades at 1.4980/83, 0.25% below today's opening price. At 1.5000 the pair has the next resistance zone and above at 1.5020 (intra-day high).
George Antonakos, analyst at FXGreece, comments: The false break of the sideways formation in a period of low liquidity, combined with a reversal candle in the daily chart above the Bollinger Bands, indicate that the downward move is likely to continue. Higher target would only be valid if retracements remained above 1.4980-00 area. However, the move below 1.4980 indicates that a false break is possible, and usually a false break of an important formation, could be a beginning of a strong downward move.