FOREX: Euro-Dollar declines to trade near 1.3420

By CountingPips.com

The U.S. dollar has traded higher against the euro today in forex trading after starting the day in the red against the European common currency. The Euro (EUR/USD pair) has fallen by approximately 65 pips today versus the dollar to fall below the 1.3450 level in the U.S. session after opening the day (00:00GMT) at the 1.3489 level. Earlier today, the EUR/USD advanced to an intraday high of 1.3537 at 06:00 GMT before reversing course. The EUR/USD had been on a bullish path since Friday after the European Union agreed on a plan to provide monetary support for Greece through EU and IMF loans.

EUR/USD Chart – The Euro today falling lower against the US dollar on the 1-hour chart. The pair reversed course today near the 50.0 fibonacci retracement level (on the down move from 1.3817 to 1.3267 that started on March 17th) and broke through the supportive trendline of the past few days near 1.3490. The pair found support around the 23.6 retracement level at 1.3394 and currently trades around 1.3420.