FXstreet.com (Barcelona) - The Euro declined during the day from opening levels about 1.4200 to a fresh 2-week low at 1.4050 before picking up on the back of good U.S. data, although the pair was unable to break above 1.4090 and has returned to test 1.4050 which, so far, remains intact.

According to Valeria Bednarik, collaborator at FXstreet.con there are not signs of correction yet: Despite reaching extreme oversold conditions in the hourly, pair seems unable to extend the correction above the 1.4085 level, first resistance to consider, ahead of 1.4110 zone. Bigger time frames remain strongly bearish approaching also to oversold levels, yet with no signs of correction yet.

Support levels, according to Bednarik, lie at 1.4050, and below here, 1.4020 and 1.3980. On the upside, resistance levels lie at 1.4085, and above there, 1.4110 and 1.4150.