FXstreet.com (Barcelona) - After finding support at 1.4190 in the early American session, EUR/USD has begun to rise to break 1.4250 resistance level and post 1.4262 as fresh intra-day high. Currently the pair is trading around 1.4245/55, 0.30% above today's opening price action.
According to Sam Shenker, analyst at TradeTheNews.com, Euro could fall below 1.4000: Euro longs once again tested the bids around the 1.4200 figure, a level marked by the multiple intraday pivot lows set during the consolidation that took place during the second half of August. A further move to the downside would most likely see the pair test support at 1.4159, a level defended by the 50-day SMA with sustained downside momentum seeing dollar bulls challenging bids around 1.4046, a confluence of the August monthly pivot low and upward sloping trendline that dominated the price action since March.
Shenker concluded: A confirmed break to the downside will most likely see single currency bulls retreat below the psychologically important 1.4000 handle, a level marked by the 23.6 Fib of the 1.2457-1.4458 Euro rally and test support around 1.3736-1.3756 zone, a confluence of trading range's lower boundary and March monthly pivot high.