FXstreet.com (Barcelona) - The EUR/USD's rebound at 2-week low at 1.4518, coming from its decline from intra-day high at1.4667, has been capped at 1.4585 and pair has begun to fall toward previous levels. Currently the pair is trading around 1.4520/30, 0.75% below today's opening price action at 1.4636.
Valeria Bednarik, FXstreet.com collaborator, comments: Fresh low for the pair at 1.4518, barely 3 pips away from the 50% retracement of the last daily up leg, pair is regaining some upside momentum after reaching that strong support, yet looking bearish in bigger time frames. 1.4600, 38.2% of the same rally should keep the upside capped to maintain the bearish perspective, while break under 1.4510 zone would likely trigger some downside acceleration. Next key level too watch to the downside will be the 1.4440 static zone very close to another Fibo level, the 61.8% of the rally.
Bednarik provides us with her levels: Support levels: 1.4550 1.4515 1.4475. Resistance levels: 1.4590 1.4645 1.4680.