FXstreet.com (Córdoba) - The Dollar is rising further against the Euro as stocks continue falling in the U.S. markets. EUR/USD broke below 1.4755 and tumbled to 1.4710 posting a fresh 2-week low. Currently the pair trades at 1.4715/17, 0.65% below today's opening price and is falling for the third day in a row accumulating a decline of more than 300 pips.
Valeria Bednarik, collaborator at FXstreet.com, affirms: EUR/USD is quickly approaching to a key support zone: 1.4700 level, 61.8% of last daily rally, from 1.4480 to 1.5063. Crossing now 200 EMA in the 4 hours charts, a daily close under that level could trigger more selling pressure in the sessions to come, thus a short term upside bounce since likely if the level is reached in the next couple of hours.