FXstreet.com (Barcelona) - Dollar decline from 90.70 high has held above support level at 89.85 during European session, and the pair returned to levels rigtht above 90.00.

On a bigger picture, the Dollar is trading on a downward trend after peaking at 92.30 in October, hold by support at 89.85, and with next support level at 89.40/55 and ten 89.15 (Nov 2 low). On the upside, resistance levels lie at 90.70, session high, and above here, 91.00 and 91.30.

Nicole Elliott, senior technical analyst at Mizuho Corporate bank, sees the pair turning bearish about travel south this month: momentum has yet to turn bearish so plenty of further downside pressure left over for this month. For today expect a slow drift towards 89.65, below which downside pressure should kick in properly. Expect repeated cautious downside testing of a series of key support levels between 89.00 and 87.00.

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