FXstreet.com (Barcelona) - Euro decline from year high at 1.5145 has reached a fresh 3-months low at 1.4300 area, where, according to Alex Rudolph, technical analyst at Commerzbank, the European currency is expected to pause its downtrend for a day or so.
Support area at 1.4282 is expected to contain Ruro Dollar's current weakness , according to Rudolph: EUR/USD so far dropped to 1.4304, a fall through which will have the 1.4282 61.8% Fibonacci retracement in sight. This is where we
would expect the current descent to pause for a day or so.
On the upside, Rudolph observes resistance at 1.4450/47 area, says Rudolph: Minor resistance is still found at the 1.4450/47 area (August high and 50% Fibonacci retracement) and around the 1.4480 October low,
followed by the 1.4613/22 Fibonacci cluster.