FXstreet.com (CÃ³rdoba) - The recovery of the Euro found resistance at 1.4145 from there EUR/USD fell to 1.4120. The pair is rising after two days of losses and currently at 1.4130/33 is 0.45% above today's opening price. After the opening bell at Wall Street the pair managed to break 1.4100 and now is holding above, but unable to reach levels on top of key level at 1.4150.
The FastBrokers Research Team afirms: Meanwhile, the EUR/USD has managed to avoid a retest of its highly psychological 1.40 level as sell-side volume remains on the tame side. The currency pair is balanced on our 1st tier uptrend line as it approaches an inflection point with our 1st tier downtrend line. Our 1st tier uptrend line carries some weight since it connects through July lows. Hence, a collapse of our 1st tier uptrend line could signal a retreat towards 1.40 and 7/29 lows. Fortunately for bulls, 1.38-1.40 has a lot of historical consolidation, meaning this trading zone should prove to be reliable if it is encountered. As for the upside, there are considerable barriers due to the EUR/USD's recent deterioration. These include our 1st and 2nd tier downtrend lines along with intraday highs and the 1.4180-1.42 area.