FXstreet.com (Córdoba) - The Euro rose to a fresh high at 1.4987 and approaches to 1.5000. EUR/USD continues to rally after rebounding yesterday at 1.4810. Currently the pair trades at 1.4975/80, 0.705 above today's opening price.
To the upside, immediate resistance lies at 1.5000 (Nov 17 high) and above at 1.5020 (Nov 16 high). The pair needs to break above 1.5000 in the next hours otherwise Dollar could gain momentum.
The FastBrokers Research Team affirms: The EUR/USD still faces multiple downtrend lines along with the highly psychological 1.50 level and previous November highs. However, and a breach beyond our 3rd tire downtrend line could result in a retest of November and October highs with the possibility of more accelerated immediate-term gains. Unfortunately for bulls, the EUR/USD was negated by our 3rd tier downtrend line and 1.50 on Monday, telling us the 1.50 zone continues to have a psychological impact on the currency pair.