FXstreet.com (Barcelona) - Euro rally from 1.4250 low has been capped at the 1.4355 resistance ares; after hitting a fresh intra-week high, the Euro dropped on the back of U.S. Consumer confidence data reaching levels around 1.4310, previous resistance.

Initial support could be the mentioned 1.4310 level, and below there, intra-day low at 1.4250 and 1.4200 (Aug 20 low). Reistance level lies at 1.4345, and above here, 1.4360 (Aug 24 high) and 1.4375 (Aug 21 high).

Prices right now remain above the 20SMA, and according to Valeria Bednarik, collaborator at FXstreet.com, indicators point out for further gains: Pair regained the upside mounted on stronger stocks since early Europe, and is hovering around strong resistance zone. Hourly indicators point for further gains in the pair as also price breached above 20 SMA in the hourly. Bigger time frames support the view, thus clear break above previous week high around 1.4375 will confirm the bias.