FXstreet.com (Barcelona) - Euro decline from 1.4650 area has extended after U.S. manufacturing/ PPI data to a fresh 10-week low at 1.4520, and the pair is trying to pick up, reaching 1.4560 at Wall Street opening times.

On the upside, the Euro could meet resistance at 1.4585 (Dec 11 low) and above here, at 1.4630 and 1.4665 (session high). On the downside, initial support lies at 1.4520 session low, and below here, 1.4500 and 1.4480 (Oct 2 low).

According to Mohammed Isah, technical analyst at FXTechstrategy, the Eur could still drop further to test 1.4500 and 1.4480 areas: While EUR weakens at the current price level, we expect it to head further to the downside towards the 1.4500 level initially with a loss of there opening the door for more downside pressure towards its Oct 02'09 low at 1.4479 or even lower.

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