However, after the sharp setback EUR/USD found firm support at the 1.4420 zone and managed to regain some ground. At time of writing, the cross is quoting around 1.4450, recording a 0.29% gain on the day.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com, said, "Unless a clear daily close above 1.4460 now, the upside will likely remain limited. Above mentioned 1.4460, the pair may rose back towards 1.4520/30 area, followed then by 1.4580 past July monthly high".
"To the downside lose of 1.4400, should put the pair under selling pressure towards the 1.4340/50 area, not likely for the next few hours", Bednarik added.
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Source: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=529fadd0-aa79-4573-a1c9-46e049750161
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