The Euro has been rallying continuously for the whole week and from 1.3425 low on Monday EUR/USD has reached a 4 month high at 1.4030 ahead of Friday's U.S. session opening, to pull back afterwards to levels right below 1.4000.
Resistance levels lie at intra-day high at 1.4030 and above here, 1.4055 (January high) and 1.4145, (Dec 31 high). On the downside, immediate support level remains at the 13925/40 area, and below there, today's low at 1.3895 and 1.3865.
According to Valeria Bednarik, collaborator at FXstreet.com, affirms that, despite signs advancing a correction lower, the Euro bullish trend is strong enough: "Pair reached 1.4000 and at the time, rebound there yet bullish trend is strong enough for another peak higher. Current candle open under previous doji close, suggesting the beginning of a short downside correction as long as maximum remains unbroken, that could reach the 20 SMA that’s losing steam around 1.3935."
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