The EUR came under heavy selling pressure to open the week as overall uncertainty on both sides of the Atlantic keeps markets jittery, however the EUR/USD finally found technical support around 1.4015 in morning trade over the old continent, nearly 150 pips under the day´s opening price. The pair currently has recovered back up towards 1.4050 where it trades quietly at time of writing.
Technically speaking, Stoyan Mihaylov of Deltastock writes: “EUR/USD is in a consolidation after the recent top at 1.4941 (May 4th, 2011). Technical indicators are descending and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4311 and 1.3636.”
Mihaylov adds: “Still in the descending corrective channel below 1.4281 high and the intraday bias is negative with an initial resistance at 1.4090. I continue to favor a reversal for a break through 1.4090 and 1.4199, en route to 1.4370. Major support on the downside is 1.3950.”
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