Euro/US Dollar (1.4403) is up overnight towards the Head of its holiday trading range.The daily slow stochastics are oversold but turning higher, suggesting the potential for an upside move.
Technical resistance lies at 1.4458 (Dec29 high) and 1.45 (psychological).
Support for EUR/USD lies at 1.4218 (Dec22 low), 1.4069 (38.2% Fibonacci retracement of Oct’08 to Nov rally), 1.4046 (Aug17 low), and 1.4000 (psychological).
EUR/USD’s short-term correlations with other assets have all fallen in recent sessions, although the S&P500 remains significant, The decline in cross asset correlation stems from credit concerns weighing on the currency.
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