FXstreet.com (Barcelona) - The Euro has weakened somewhat during European trading session and from levels at 1.4585 at the opening, the European currency has dipped to test 1.4535 support area at the moment of writing.

On the downside, below 1.4535, nest support levels could lie at 1.4510 and 1.4465 (Sept 9 low). In case of bouncing at current levels, initial resistance lies at 14775/85, and above there, 1.4600 (Sept 9 high) and 1.4640.

According to Peter Ruud, technical analyst at Informa Global Markets, the Euro is floating below a strong resistance area: This key pivot should provide decent resistance as the other key retracement levels (38.2% & 50%) were previously respected by the market. Moreover, the DXY remains comfortably within a large falling wedge (which tend to be bullish) and while Gold continues to struggle with the 1000 level, the Dollar should be able to withstand the current bout of weakness.

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