FXstreet.com (Barcelona) - The Euro weakened on early European session retreating from day high at 1.4355 to test support at 1.4280 which has remained intact, sending the pair back to 1.4340 at the moment of writing, approaching day high at 1.4355.
On a wider perspective, the Euro remains caught in range, consolidating on a thin volume session after two weeks of continuous decline, on reversal from year to date high at 1.5145 on December 3.
For next sessions, Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets expects further downside correction, with upswings observed as short-entry levels: Our bias is for a continuation of the bearish correction but would like to see a revisit of 1.4480 for ideal short-entry level, with prior support at 1.4515 now acting as decent resistance. Any break above there would face a major hurdle rallying higher at 1.4685.
On the downside, Rosenstreich points out to Friday's low at 1.4260: On the downside the 1.4261 Friday lows form the first support, with the 200 day moving average providing some cushion below there at 1.4187.