Euro technical estimate

A dreary week of European financial data and likewise monotonous price movement in the S&P 500 left the Euro/US dollar exchange rate more or less unaffected during the past week’s trade. Early-week EUR/USD losses at first indicated that the pair was probably to keep its lately sharp downside reversal, but markets rejected to let the formerly high-flying pair under significant lows of 1.3800. The following rally higher dropped short at also significant Fibonacci resistance at the 61.8 % retracement of the 1.4340-1.3800 action at 1.4130. A need of major market-moving developments would maintain the struggle between bulls and bears at its existing deadbolt, and it is hard to forecast what could really break the EUR/USD further than its current trading range.