Forex: EUR/USD rejects from 1.4170, back to 1.4100

FXstreet.com (Barcelona) - EUR/USD has reached a new 5-month high at 1.4170 but it has been rejects strongly about 70 pips to tests 1.4100 level. Currently the pair is trading around 1.4125/35, 1.30% above today's opening price.Valeria bednarik, FXstreet.com collaborator, comments: "Close to next key weekly level at the 50% retracement of the 1.6018/1.2330, pair could extend today’s rally to the 1.4180 zone, as despite the overbought state in smaller time frames, no signs from reversal are seen yet. Greenback is closing the week signaling further losses ahead, and if managed to break above the mentioned zone, 1.4600 will become a probable target in the midterm. Strong rebound at the mentioned level, could send euro back to test the1.3740 zone without harming general bullish tone. In the short term, I expect the 1.4180 zone to hold the upside today, and some downside corrections to the 1.4060 zone if breaks under.