FXstreet.com (Barcelona) - After last week's rally to 1.4375 high, the Euro has eased on European trading tomes, and from levels right below 1.4350, the Euro has dropped to consolidate in a range from 1.4280 to 1.4315.

The Swiss e Trade Strategy Team foresees further downside corrections, as they say, the market looks heavily overbought: This market is heavily overbought and near its resistance zone around 1.4450, currently correcting back in this European morning to now 1.4300. We see more of this correction to come today, with repeated upmoves not exceeding the 1.4450 level.

Initial support level lies at 1.4275 (Aug 21 low) and below here, 1.4200 (Aug 20 and 21 low) and then 1.4170. On the upside, resistance levels lie at 1.4375 (Aug 20 high), and above here, 1.4415, (Aug 7 high) and 1.4445 (Aug 5 high).

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