Euro recovery from 2−week low at 1.4050 on Friday, extended above 1.4300 on early Asian session, and the pair rose at European opening, buoyed by ECB move to purchase Italian and Spanish debt, to find resistance at 1.4400, and ease to current levels around 1.4350.
On the upside, immediate resistance lies at 1.4400 (session high), and above here, 1.4455 (Aug 1 high) and above here, at 1.4535 (Jul 27 high) and 1.4575 (Jul 3 high). On the downside, the pair remains held by 1.4300 area (day lows), and with next potential support levels at 1.4145 (intra-day level) and 1.4055 (Aug 5 low).
On the longer-term, the pair remains trading in a wide range, according to Stoyan Mihaylov, technical analyst at Deltastock: "Trading takes place in a wide range and the daily levels of resistance are situated in the price zone of 1.4450, as well the support level is created by the 200 day SMA. In the case of a break through the resistance level a new price target of 1.4700 can be expected."
On the longer-term, the pair remains trading in a wide range, according to Stoyan Mihaylov, technical analyst at Deltastock: "Trading takes place in a wide range and the daily levels of resistance are situated in the price zone of 1.4450, as well the support level is created by the 200 day SMA. In the case of a break through the resistance level a new price target of 1.4700 can be expected."
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