FXstreet.com (Barcelona) - Dollar decline from 89.50 high on Wednesday has hit an intra-day low at 88.85 and the following attempt on the upside was halted at 89.10, with the dollar dropping back to levels right above 89.85.

However, Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets adverts about a possibility for Dollar buyers: The pair has been printing bullish candles on a 15 minute chart from the 88.84 level and although there is a downtrend bearing over head, the risk reward here for longs looks impressive with stops just below at 88.65.

Support levels, according to Rosentreich, lie at 88.80, 88.00 and 87.15. Resistance levels lie at 90.05, 91.50 and 93.50.