FXstreet.com (Barcelona) - The Euro is trading back above 1.4600 level against the Greenback after falling 65 pips from 1.4626 to post intra-day low at 1.4560 in the minutes following the better than expected US retail sales report. During the American session, euro has recovered almost all of its previous losses and pair has risen to trade above 1.4600.
Currently the pair is trading around 1.4605/15, 0.10% below today's opening price action at 1.6578.
According to Mohammed Isah, technical analyst at FXTechtrade, current downtrend is a corrective one and the Euro will resume uptrend: Its overall trend remains higher suggesting that the mentioned price action remains corrective of its MT uptrend. In such a case, its minor support printed Monday at 1.4514 will come in as initial support ahead of its stronger support residing at the 1.4446 level, its Aug 09 high where a reversal of roles is expected to turn EUR higher again.