FXstreet.com (Barcelona) - The Euro seems to be picking up strongly from support level at 0.9240, reaching levels above 0.9300 on its way to Mar 30 high at 0.9340.

Resistance levels stand at 0.9240, and above here, 0.9416 (Mar 27 High) and 0.9430 (Mar 23 High). On the downside, below 0.9240, the Euro could find support at 0.9175, 0.9155 (Mar 24 low) and below here, 0.9145 (Mar 16 low). Once below here, next support could lie at 0.9072.

According to Varengold Bank Research Team, further decline beyond 0.9240 should not be discarded: The EUR/GBP trades near to its support level at 0.9241 and it seems that the Bollinger bands narrows each other like a bottleneck as same as on March 24th. Comparative to this paradigm could this be a sign that the currency pair may test the support again. Should the EUR break clearly through this line, this could accelerate the downward trend.