FX : EUR/USD: Euro reaches 1.4280 resistance ahead of U.S. GDP
FXstreet.com (Barcelona) - Euro rebound on 1.4220 intra-day low, has reached resistance area at 1.4280, which is being under attack ahead of U.S. GDP release.
In case of further appreciation, above 1.4280, next resistance levels could be at 1.4310 and 1.4360 (Aug 24 and 25 high). On the downsisde, initial support remains at 1.4205 (Aug 25 low) and below here, 1.4170 and 1.4130.
On a wider perspective, the Euro remains rangebound between 1.4210 and 1.4360, says Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets: "More of the same on EUR USD with range traders taking plenty of pips out of the pair for nearly a week now. 1.4338 / 60 continues to cap the market and 1.4210 / 40 providing a shelf of support. A break lower signals a move to 1.4135 and the head and shoulders starts to look a lot more developed."
