FXstreet.com (Barcelona) - The Euro has failed to break above 1.4350 resistance during Asian session, retracement from Friday's high at 1.4399 has extended early European session to levels below 1.4300, approaching 1.4275 support area.
Carol Harmer, technical analyst at Charmer Charts, affirms that failure at 1.4399 will trigger a pulldown targeting 1.4045 this week: "Eur/Usd remains under pressure unless this trades above the resistance line at 1.4399. Failure to break above here will see this market deteriorate this week with 1.4045 the weekly target."
At the moment, the Euro drops to test Aug 21 low at 1.4275, and below here 1.4200 (Aug 20 and 21 low) and then 1.4170. On the upside, resistance levels lie at 1.4375 (Aug 20 high), and above here, 1.4415, (Aug 7 high) and 1.4445 (Aug 5 high).
