FXstreet.com (Barcelona) - The Euro has weakened on early U.S. session and, is testing support at 1.4650 area after having been rejected at levels right above 1.4700.

Accordinghg to Valeria Bednarik, the Euro remains bullish as long as it holds above 1.4650 support: Pair remains bullish and usual lately, consolidating close to daily high after reaching it; hourly indicators point to the upside, not giving signal yet suggesting upside continuation. Clearly above 20 SMA that failed to break, pair needs to break under 1.6450 to start some downside corrective movement, not seen at this point.

Support levels, according to Bednarik, lie at 1.4650, 1.4620 and 1.4580. On the downside, Resistance levels are 1.6520, 1.6550 and 1.6600.