By CountingPips.com
The euro has started off the week slightly lower against the U.S. dollar in forex trading after finishing last week higher and ascending to right around the 1.3500 level. The euro-dollar pair (EUR/USD) rose early overnight but quickly pared those gains and fell today to match this month’s current low point at the 1.3460 exchange rate before currently trading near the 
1.3478 level. This is approximately 15 pips lower from the day’s opening rate at 00:00 GMT. Last week, the euro rose by almost 90 pips to the 1.3498 exchange rate versus the dollar to reverse a two week losing streak despite record bearish speculative positions.
Economic news out today showed that U.S. pending home sales rebounded in February by 8.2 percent after falling 7.8 percent in January. This beat the forecasts expecting a flat reading. Also released was ISM’s service sector business reading that showed non-manufacturing business activity rose by more than expected in March. The service sector business score rose to 55.4 following a score of 53.0 in February and better than the expected 54.0.
EUR/USD Chart – The Euro today declining slightly against the US dollar on the 1-hour chart. The pair broke through a rising short-term trendline to the downside today and trades in between the 23.6 and 38.2 short-term fibonacci retracement levels (on the up move from 1.3267 to 1.3590 that started on March 26th). The pair gained last week despite a decrease on Friday following positive U.S. job numbers and currently trades around the 1.3480 exchange rate near the end of the U.S. session.
