FXstree.com (Barcelona) - The Euro's rally has lost strength and the cross points downward after having climbed up to 1.4826 on Friday. Timothy Straiton, technical analyst at Stoploss.ch affirms: Current level at 09:31 CET is 1.467, trading below the daily pivot point level of 1.4755, having briefly risen as high as 1.4826 on Friday. Daily Bollinger bands remain flat and contracting while daily standard error bands are still poised to the upside. The hourly picture remains on the defensive with hourly Bollinger and standard error bands both poised to the downside.
The Euro, according to Straiton has broken firsst support level at 1.4683 this mornng, further support and resisrtance levels stand as follows: Second support comes in at 1.4625. The 23.6 percent Fibo retracement level of the 1.3361 - 1.4966 range comes in at 1.4585. Resistance levels today are set at 1.4814 and then 1.4884. Further out, a break of the previous low of 1.4311 would complete a head and shoulders formation and set focus on the 1.3650 area.