FXstreet.com (Barcelona) - The Euro has appreciated during the second half of the week, and, after bouncing at 1.4080 the pair reached levels right below 1.4300, 61.8% Fib retracement of the Aug 5 - 12 decline and.

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, a weekly close above 1.4300 would increase bullish momentum: Bouncing from Fibonacci retracement in the middle of the previous 'triangle' consolidation pattern and a weekly close above 1.4300 should turn momentum decidedly bullish.

Elliott affirms that recent decline was corrective and that the Dollar weakness will resume: The Euro is no longer overbought and consensus opinion is very much in favour of the US dollar. We feel that price action from last week's high is corrective and that the long term trend to US dollar weakness will resume shortly.