FXstreet.com (Córdoba) - Equities are falling in Europe and at Wall Street. The Dow Jones is falling 0.97% and is back below 10,000. Stocks are under pressure after corporate results and a surprise drop in consumer sentiment offsetting a rise in industrial production. EUR/USD failed to hold above 1.4900.
Greenback is not taking profit on falling stocks so far during the American session. EUR/USD rose to 1.4910 but currently trades below 1.4900 at 1.4886/89, 0.30% below today's opening price. The pair fell earlier to 1.4845, reaching the lowest price of the day.
Liviu Flesar, technical analyst at InnerFX, affirms: Intra-day sentiment is slightly bearish after the 2nd failed attempt to reach 1.5000. Yesterday's relatively fast recovery from 1.4840, which is also the 61.8% retracement ratio of 1.4760-1.4965, suggests that uptrend is very strong and pullbacks are grabbing bids from below 1.4900, for a potential break out above 1.5000 on the coming days. Upside is favored for now as there are no noticeable signs of correction and a weekly close into the 1.5 region will be a very important bullish confirmation. Looking South, minor support is seen at 1.4900 backed by a more important barrier into the 1.4820-1.4850 region and 1.4725/50 lower.