FXstreet.com (Barcelona) - The Euro has weakened further on the back of U.S. data, and the pair has reached levels below 1.4575/80 support area, to hit session low at 1.4560, although the pair remains struggling to hold above the mentioned support area.
In case of consolidating below 1.4575/80, next support levels lie at 1.4550 and 1.4500/15 (Sept 10/14 low). On the Upside, resistance levels lie at 1.4625 and above here, 1.4655 (Sept 14 high) and 1.4665/75 (trendline).
Acco4rrding to Mohammed Isah, technical analyst at FXTechtrade, current downtrend is a corrective one and the Euro will resume uptrend: Its overall trend remains higher suggesting that the mentioned price action remains corrective of its MT uptrend. In such a case, its minor support printed Monday at 1.4514 will come in as initial support ahead of its stronger support residing at the 1.4446 level, its Aug 09 high where a reversal of roles is expected to turn EUR higher again.