FXstreet.com (Barcelona) - The Euro has been favoured by better than expected U.S. existing home sales, and the pair's day rally from 1.4210 has extended to levels above 1.4350 reaching a fresh 2-weeks high at 1.4375.
On the upside, if the Euro confirms above 1.4350, next resistance levels lie at 1.4380/85, and above there, 1.4415 (Aug 7 high) and 1.4440 (Aug 5 high). On the downside, resistance levels lie at previous intra-day high 1.4275, and below there, 1.4200/10 intra-day lows and 1.4170.
Valeria Bednarik, collaborator at FXstreet.com adverts about downside corrections: Pair reached the 1.4351 high and despite overbought in the hourly, pair remains close to that zone, suggesting further rises after a short correction. Indicators support such correction as both momentum and RSI have reach extremes. 20 SMA under current price support an upside continuation, while bigger time frames also point for more rises.