The euro has declined against the US dollar in the forex markets today after reaching a medium-term top in Tuesday’s trading at the 1.3861 exchange rate. The EUR/USD has fallen for a second straight day and was sold off heavily today on dovish comments for interest rates from European Central Bank Pres. Jean-Claude Trichet. The euro/dollar pair opened the day at the 1.3793 exchange rate and marked an intraday low point at 1.3610.
EUR/USD Daily Chart – The EUR/USD pair has been rejected lower the past two days after the recent high Tuesday and looks primed to test lower levels. The RSI indicator has turned down from close to overbought levels to a 55 reading while the MACD indicator forecasts a potential moving average crossover. If the pair breaks through support around 1.3580, we can look for a test of the 1.3500 level and lower previous (November) support at the 1.3450 level.
Article by FxNewsEurope, Euro Forex News
