FXstreet.com (Barcelona) - After having remained trading at levels around 1.4280 for most of the European session, the Euro is picking up momentum ahead of the U.S. session opening, and the pair has reached 1.4300 resistance which is under pressure at the moment.

In case of climbing above 1.4300, next resistance level comes at 1.4325 (Aug 13 high) and 1.4350/60. On the downside, initial support remains at 1.4240/50 (Asian session low) and below here, 1.4200 (Aug 13 low) and 1.4180.

According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, the Euro will, most likely remain below 1.4338: The medium term trend is still up, but there is a distinct 10 day downtrend on the 60 minute chart so expect a range bound consolidation period between 1.4240 and 1.4338 with 1.4178 providing major support and 1.4445 as major resistance.