Euro recovery from 1.4050 low yesterday, was capped at 1.4220, and the pair has remained steady on Friday consolidating below 1.4200 , with downside attempts contained above 1.4140/50 support so far.
On the upside, immediate resistance lies at 1.4200/20 (Mar 23 high/intra-day resistance), and above here, 1.4250 (Mar 22 high) and then 1.4285 (November 2010 high). On the downside, support levels lie at 1.4140/50 (day lows) and below here, 1.4100 (intra-day support), and 1.4050 (Mar 23 low).
The pair, however, is engaged on a bearish pattern, according to Ron William, technical analyst at MIG Bank: " the move is still weighed down by the bearish (evening star) candle pattern beneath key resistance/confluence zone between 1.4270/1.4282 (Major downward trend-line/November 2010 peak). We remain short, favouring a break of 1.4059 (38.2% Fib), then back into that all-important psychological level at 1.4000."