FXstreet.com (Barcelona) - The Dollar was rejected, once again at 91.60 resistance area ahead of Asian session to drop back all the way to 90.55 low at the time of writing. On a wider perspective, the Dollar remains trading in a range from 90.35 to 91.60 since Tuesday.
The pair and moves below the 9-day moving average and, according to Nicole Elliott, senior Technical Analyst at Mizuho Corporate Bank, heading towards 90.00: Trading just below the nine-day moving average and looking set to drop towards 90.00 again. A weekly close below 90.00 should ensure downside pressure is maintained for a re-test of very important very long term support between 87.10 and 85.00.
Support levels, according to Elliott, lie at 90.56, and below here, 90.35 and 90.21/90.00. On the upside, resistance levels lie at 91.00, and above here, 91.39 and 91.65.