FXstreet.com (Barcelona) - Euro rally from 1.4675 low on October 12 has been capped on Friday's European session at 1.4965, fresh 14-month high, and the Euro has pulled back to levels right above 1.4900. At the moment of writing, the pair trades around 1.4920.
The Euro has hit its target level, and according to Ian Coleman, technical analyst at Turtle Futures, it could be about to start moving lower: We are holding the descending trend line on the MACD. RSI we are overbought. The ADX is showing we are non-trending (below the trend line) 1HR, we are in an inside wedge (inside the channel) and have touched the trend line at 1.4923. We need to break this level and a move below the pivot at 1.4905 would be enough to signal the start of the move lower.
At this pont immediate support level lies at 1.4905 intra-day low, and below there, next support levels could be located at 1.4865/70 and 1.4835 (Oct 14 low). On the upside, resistance levels lie at 1.4965 session high, and above here, 1.4980 (Aug 13 08 high) and 1.5000.