FXstreet.com (Barcelona) - The Euro has extended its decline from last week's high at 1.4580, to levels below 1.4200, hitting a fresh 5-week low, and, according to Karen Jones, technical analyst at Commerzbank, with the targeting Fibonacci support at 1.4070.

The pair is under pressure, according to Jones, targeting 1.4070 area: EUR/USD has eroded the 200 day moving average, and the 1.4218 recent low, the market remains under pressure and continue to target Fibonacci support at 1.4070 then 1.3967/1.3840 slightly longer term.

On the upside, Jones expects intra-day rallies to find resistance at 1.4375/1.4425: We will maintain a neutral to bearish stance while rallies are capped by the 1.4662/55 day ma. Intraday rallies are expected to find good resistance at 1.4375/1.4425.

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