FXstreet.com (Barcelona) - Euro decline from 1.4765 high has been capped at 1.4650 low during European session Friday, and the Euro has bounced up reaching levels right above 1.4700 at the moment of writing, back to the range seen during Yesterday's U.S. session and Today's Asian trading hours.
In case of consolidating above 1.4690/00, the Euro might find resistance at 1.4770 /Sept 17 high) and above here, 1.4800 and 1.4825 (Sept 23'08 high). On the downside, support levels lie at 1.4640 (Sept 16 low) and below here, 1.4625. and 1.4560 (Sept 3 low).
According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, below 1.4700 level the Euro could succumb to downward pressure ahead of the weekend: The current price is pretty consistent with its longer-term moving averages like the 200 day SMAVG which stands at 1.4726. Momentum is even weighted as RSI hold at 56.21 and no major crosses in MACD are present. Psychological support remains is at 1.47, a break below this level may succumb to further downward pressure ahead of the weekend