FXstreet.com (Barcelona) - The Euro's advance against the Dollar has reached a new 14-month high today's session after rising around 45 pips during the Asian time from 1.4925 to reach 1.4970 as fresh highest level since August 2008. After that, the EUR/USD has fallen to trade close to 1.4930/40.

Currently the pair is trading around 0.05% above today's opening price action at 1.4930 to the actual 1.4935.

Yesterday, the Dollar index broke the 75.80/76.00 key support zone after the FOMC minutes despite the hawkish Fed view. Market expectations were that Dollar index could be bullish with the posibility of Fed to increase interest rate.

Stoyan Mihaylov, Analyst at DeltaStock, comments: EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523. The pair filled precisely our target at 1.4967 and a brief consolidation below that level is possible, towards 1.4870 and 1.4812 before next leg upwards, to 1.5104. Intraday support comes at 1.4919, followed by 1.4870.

The KBC Market Research Desk comments that EUR/USD new recovery high has been on move back above channel from 1.3832: Rebound off 1.4480 puts the pair back above channel off 1.3832 (see graph) and back above inverted daily channel top off June low (1.4806 today), with new recovery high.

KBC provides us with its today's levels: Support area at 1.4929/ .4926 (broken daily Bollinger top/ today's low?), with next levels at 1.4880 (daily envelope bottom), ahead of 1.4845/ .4839 (daily Short Term Moving Average? + previous recovery high/ reaction low hourly).1.4722/ .4712 = daily Medium Term Moving Average?/ daily Bollinger midline: ideal area to stay above to keep current short term outlook intact for €. Resistance at 1.4960/ .4984 (today's high?/ 2nd Irregular B off 1.4480), ahead of 1.5008/ .5021 (monthly + daily envelope tops/ 2nd target of daily Double Bottom off 1.3739), where pause favored. If wrong, next level at 1.5059 (daily Starc top): tough on 1st attempts.

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