FXstreet.com (CÃ³rdoba) - Greenback broke below 1.4255 and is heading toward 1.4240 (intra-day low). The next support is located at 1.4200. EUR/USD lost previous gains and now is trading 0.05% below today's opening price. The Euro failed earlier to hold above 1.4300 and weakened. On the upside, resistance lies at 1.4280 and above at 1.4315.
James Chen, Chief Analyst at FX Solutions, comments: Within the context of the current uptrend (on two scales), the 1.4450 region is the major upside resistance target, as it represents a 7-month high and the highest point in the current uptrend. In the event of a breakout above this level, major dynamic resistance resides initially around the top of the smaller channel. Any significant breakdown below both of these channels, especially the larger one, would place the current uptrend in serious jeopardy, with the 1.3750 price region serving as major downside support.