FXstreet.com (Barcelona) - The Euro has edged up during European session and, after bouncing at 1.4205 low on Wednesday, the pair trades at levels around 1.4250, although, according to Stoyan Mihaylov, technical analyst at Deltastock.com, the Euro is not expected to rise above 1.4280 resistance.
Current rebound is corrective, says Mihaylov, and the Euro will head lower, rather than breaking 1.4280 resistance: Yesterday's test of 1.4350 resistance provoked a sharp sell-off to 1.4209 support zone. Current rebound is corrective in nature and we expect it to be limited below 1.4280 before next leg downwards, to 1.4123.
At the moment, the Euro trades at 1.4250 with next resistance areas at the mentioned 1.4280, and above here, 1.4310 and 1.4360 (Aug 24 and 25 high). On the downside, support levels lie at 1.4205 (Aug 25 low) and below here, 1.4170 and 1.4130.