FXstreet.com (Barcelona) - The Euro's decline against Dollar from 1.4360 has found support at 1.4310 level and currently, the pair is trading around 1.4335/45, posting 0.30% daily gains from opening price action. The Euro dropped on the back of U.S. Consumer confidence data reaching levels around 1.4310, but Dollar was unable to break support.
Initial support could be the mentioned 1.4310 level, and below there, intra-day low at 1.4250 and 1.4200 (Aug 20 low). Resistance level lies at 1.4345, and above here, 1.4360 (Aug 24 high) and 1.4375 (Aug 21 high).
Valeria Bednarik, FXstreet.com collaborator, comments: While daily charts show the pair has been trapped in a tight range since early June, yet with indicators showing some shy bearish divergences, 4 hours charts remain bullish, thus again pair failed to breach above 1.4350 area. Only clearly above that level we can call for some upside continuation, thus strong 1.4445 yearly high should made the pair retreat. Key support level lies at 1.4240/70 area: if broken pair could trigger some fear selling rally, and approach back to the 1.4050 zone.