FXstreet.com (Barcelona) - The Euro has been trading in a upward trending line since bounce on 0.8750 low on Feb 24 (50% Fibonacci resistance level of the October - December rally).

The trend seems to have found an important resistance level around 0.95, and the Euro has given back about 300 pips ever since, dropping towards support line at 0.91.35.

According to Gareth Burgess, technical analyst at Chart-Workshop, observes the pair looking slightly negative, and advances some further deppreciation for the Euro: In last weeks technical I was calling for a move lower towards the 0.8900 region, now 0.9050. Technically this region still attracts and the weekly chart is currently looking slightly negative but it is too early to be prejudging the candlestick type. Yet, if prices can hold below the 0.9240 region then it would be a realistic target and perhaps an opportunity for a bounce as this is where the 10 week moving average is now. Below that lies the 38.2% Fibonacci retracement level.