FXstreet.com (Barcelona) - The Euro is trading higher today's session against the Dollar with the EUR/USD reaching 5-week highs at 1.4555 after rising 60 pips in the early American session from 1.4495. Euro is consolidating its levels after the last bullish movement, trading between 1.4330 and 1.4350 throughout the last hours.
Currently the pair is 0.80% so far today from opening price action at 1.4430 to the actual 1.4540.
According to the FastBrokers research team, the EUR/USD pops back to 1.4500: The EUR/USD has popped back to its psychological 1.45, backed by strong volume during the Asia trading session... Meanwhile, the EUR/USD has broken through previous January highs after building a solid based above December '09 lows. The EUR/USD has bought some more breathing room to the downside in the process, including multiple uptrend lines along with 1/8 and 12/22 lows. Furthermore, the psychological 1.45 level could become a technical cushion should the EUR/USD piece together an extended intraday rally.
Valeria Bednarik, FXstreet.com collaborator, expects majors to consolidate last Friday's advances against the Dollar: still Euro and Pound are far from confirming an upside continuation in the long term, and current movements could be consider corrective, as long as EUR/USD remains under 1.4565, and GBP/USD under 1.6250 area.