FXstreet.con (Barcelona) - Euro downside pressure seen during European session, which has pushed the Euro from 1.4810 to on-month low at 1.4625, seems to have lost strength and from oversold levels the Euro attempts to build up, reaching levels around 1.4665 so far.
Upside momentum is very weak, however, and Valeria Bednarik, collaborator at FXstreet.com warns about further decline: Attempting some upside correction, thus quite limited at this point, leaving doors opened for further falls that will depend mostly on risk sentiment and stocks behavior. Bigger time frames indicators had turned strongly bearish, supporting the bias, with next key midterm strong support at 1.4550.
Support levels, according to Bednarik, lie at 1.6250, 1.6215 and 1.6160. On the upside, resistance levels are 1.6340, 1.6380 and 1.6440.