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Forex pairs in this Article » EUR/USD (Córdoba) - The EUR/USD has continued to correct lower during American hours as investors took profit after the pair reached a 2-year high just below 1.3900.

The EUR/USD found sellers after hitting a high of 1.3891 and retreated more than 120 pips during the last hours, sliding back below 1.3800 toward a low of 1.3760 where the 20-hour SMA is offering support. At time of writing, the EUR/USD is trading at the 1.3765 region, still 0.6% above its opening price.

Despite the recent pullback, the EUR/USD is on track to post a 0.7% rise since Monday following a weekly decline that halted a 5-week winning streak.

EUR/USD technical outlook

"Bullish momentum continues for EUR/USD & could now test 1.40 region early next year", said Anna Coulling, independent analyst. En route toward 1.4000, the pair could find resistances at 1.3891 (2013 high Dec 27) and 1.3900 (psychological level) followed by 1.3960 (Oct 25 2011 high). On the other hand, supports are seen at 1.3760 (20-hour SMA) and 1.3710 (10-day SMA) and 1.3700 (psychological level).
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