FXstreet.com (Barcelona) - The Dollar appreciated sharply against the Euro on Friday, and according Cornelius Luca, economist at Global Forex Trading the European currency cold be about to enter in a downtrend: Euro/dollar held below the 20-day moving average and hit a 1 Ã‚Â½-month low on Friday. It probably is on the verge of starting a significant downtrend but the confirmation would come only from a close below 1.4250. Resistance and support levels, according to Luca, stand as follows: Immediate support is at 1.4354. A break below this Fibonacci retracement level would suggest a test of 1.4290. Below 1.4250, euro/dollar has good support at 1.4165. Initial resistance is seen at 1.4525. Above 1.4635, strong resistance is seen at 1.4750.
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