FXstreet.com (Barcelona) - Dollar decline from Tuesday's high at 90.55 has extended on Asian session to a fresh 5-week low at 89.15, to pick up slightly during European session, reaching levels around 89.60 at the moment of writing.

On the upside, immediate resistance level lies at 89.75/80 (Jan 22/25 low/recent tops) and above here, 90.20/40 (congestion area) and 90.55 (Jan 22 highs). On the downside, support levels are 89.15 session low and below here, 88.85 (Dec 18 low) and 88.55 (Dec 15 low).

on a wider perspective, the pair remains on a steady bearish bias and according to Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets, attempting to erode a key support level around 89.36: The break of support at 89.36 (50% Fibonacci retracement of the move from 84.83 to 93.77) puts the focus on next significant level at 87.37 (9 Dec lows). Near-term resistance at 90.75 and 91.90 should cap any rallies.

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