FXstreet.com (Barcelona) - The Euro has opened the week on the downside, and decline from Friday's high at 1.4375 has extended to levels below 1.4300 on Monday's European session, as, according to the UBS bank, once at the top of recent range, the Euro would need some macroeconomic support to appreciate further.

The UBS Wealth Management Research Team affirms that the Euro appreciated last week on the back of strong PMI data: EURUSD is again approaching the upper end of its 1.40 to 1.44 range. The support for the EUR came from the clearly better than expected Eurozone PMI flash data.

For the current week, UBS points out to German Ifo to determine Euro direction: Further support for the EUR could come next week (August 26) from a strong German Ifo.