FXstreet.com (Barcelona) - The Euro has weakened somewhat on early U.S session, as U.S. stocks approach negative levels, and the pair has breached 1.4700 level to hit 1.4680.
Initial support, below 1.4700, remains at 1.4640 (Sept 16 low) and below here, 1.4625. and 1.4560 (Sept 3 low). On the upside, resistance levels, above 1.4700, lie at 1.4770 /Sept 17 high) and above here, 1.4800 and 1.4825 (Sept 23'08 high).
On the downside, Mohammed Isah, technical analyst at FXTechstrategy, warns about corrective pullbacks to 1.4634: Corrective pullbacks could be shaping up. Its daily studies which are deeply overbought add to this view and if that plays out, declines could be seen towards the 1.4634 level, its Sept 11'09 high at first with a break and hold below there creating scope for further declines towards the 1.4446 level, its Aug 09 high.