FXstreet.com (Barcelona) - The Euro is trading in range against the Dollar between 1.4990 and 1.5010 during the American session after hitting 2-week high at 1.5020 before the US opening bell and sliding to trade close to 1.5000 level.
Currently the pair is trading around 1.4990/1.5000, 0.75% above today's opening price action at 1.4880 in consolidation mode after the last bullish movement with take the pair from 1.4825 in the last Friday's American session.
According to the FastBrokers Research Team, EUR/USD tests 1.50 amid broad-based dollar weakness: The Dollar's odd, negative reaction to Friday's surge in the U.S. Unemployment Rate has carried through strongly into Monday's session. We're seeing broad-based Dollar weakness as well as a gold breaking through its psychological $1100/oz level.
FastBrokers concludes: The psychological 1.50 area proved to be a worth psychological barrier back in October. Therefore, it will be interesting to see how the currency pair interacts with 1.50 this time around. Meanwhile, the EUR/USD could be on the cusp of a more extensive topside breakout considering how close the currency pair is trading to our new 2nd and 3rd tier downtrend lines. These downtrend lines run through October highs.