After reaching a new high at 1.4755, the Euro failed to hold above the 1.4700 line and retraced, declining into the 1.4630 area where it found intraday support. Support is now seen at 1.4630 backed by 1.4610 and 1.4560. Resistance starts at 1.4655 followed by 1.4700 and 1.4750. Daily sentiment is bullish and while it remains so, the Euro may recover and resume the uptrend towards the 1.48 area. Hourly momentum is bearish at the time of this writing and this points our attention towards the first two support levels which may break and encourage the current retracement to aim towards the middle of the 1.45 area. If the current retracement is part of a mid-term trend correction, then the Euro may reach 1.42-1.43 within the next few days. It already went too far North and we will not be surprised if the retracement continues. Current quote is 1.4638 @07:08 GMT