FXstreet.com (Córdoba) - Greenback is under pressure across the board as stocks rally in Wall Street. The Euro is rising further against the Dollar and a few minutes ago hit 1.4845 posting a fresh intra-day high. EUR/USD is rising for the first time after four days and currently trades near the highs at 1.4837/40, 0.80% above today's opening price.
On the upside, resistance lies at 1.4850 and above at 1.4890. The Euro could find support at 1.4805 and below at 1.4770.
The pair fell during the Asian session to 1.4680 posting a fresh 2-week low. Since then EUR/USD has risen more than 150 pips.
Valeria Bednarik, collaborator at FXstreet.com affirms: After bouncing at the 61.8% retracement of the last daily up leg, EUR/USD is slowly approach to next key level, 1.4840, 38.2% of the same rally. Fighting right now with the 20 SMA still with a bearish slope, today's close could be key for the pair: A confirmation above 1.4840 will suggest correction is over and pair will try to resume previous uptrend. Under 1.4770, pair will likely attempt to break the key 1.4700 support again.