FXstreet.com (Barcelona) - Dollar recovery from fresh 1-year low at 84.80 has extended at U.S. market opening above 86.85 session high, and approaches resistance area at 87.00/10.
The pair however remains strongly biased to the downside, after a 430 pip decline on the week, and according to Valeria Bednarik, collaborator at FXstreet.com, the pair needs to close above 88.00 to revert current weakness: Pair needs to close above 88.30 area to revert current strongly bearish bias in bigger time frames. 4 hours charts support further upside corrections, that could reach the 87.40 level, 20 SMA in 4 hours charts.
In case of breaking above 87.10, next resistance levels, according to Bednarik, lie at 87.40 and 87.90. On the downside, support levels lie at 86.50, 86.10 and 85.70.