FXstreet.com (Barcelona) - The Strong EUR/USD rebound from 1.4480 has risen further to break 1.4560 resistance, MA55 hourly chart at 1.4580 and trade above 1.4600 to post fresh intra-day high at 1.4640. Currently the pair is trading around 1.4630/40, 0.60% above today's opening price action.
The ecPulse.com analysis team, comments: The euro-dollar pair inclined on the daily and 4-hour charts, after the dollar touched it's highest in three weeks versus the euro, after news. PPI released, that the euro zone showed improvement, today; adding to signs that the economy is recovering. However, fears of banks losses as indicated by the stress test released today caused the euro to retreat earlier. Meanwhile, the euro is traded near at 1.4591 recording a high of 1.4600 and low of 1.4478, where the pair is supported by 1.4575 and faces the coming resistance of 1.4595.
Valeria Bednarik, FXstreet.com collaborator, comments: Worst than expected U.S. employment data send the pair to a fresh 3 weeks low of 1.4480, before retreating to pre data level. Indicators remain bearish in the hourly, with price now attempting to overcome 20 SMA, with a very slightly bearish slope. Above 1.4560, pair can regain some upside strength thus falling U.S. futures and gold are limiting such rise. Bigger time frames are also slightly bearish, so under today's low, pair could approach to key 1.4440 area, next strong support to consider; break under that level could accelerate selling.
Bednarik provides us with her levels: Support levels: 1.4500 1.4480 1.4440 1.4400. Resistance levels: 1.4540 1.4560 1.4610 1.4660.