FXstreet.com (Barcelona) - The Euro has reversed widely previous gains and after having peaked at 1.3385, EUR/USD has suffered a downward correction that has driven the pair down to 1.3190 intra-day low on early U.S. session. At the moment the Euro trades around 1.3240.
Valeria Bednarik, collaborator at FXstreet.com observes the Euro decline as a corrective move after two days of continuous climbing: Pair continues correcting after past two days upside run and braking under the 38.2% of the last up leg and tending lower. Indicators point for further falls after price break under the 20 SMA that also has a downside slope and act as dynamic resistance. Actual close under mentioned Fibonacci around 1.3225 will support further falls.
Support levels, according to Bednarik strand at 1.3200, and beklow there, 1.3170 and 1.3135. On the upside, Bednarik sees potential resistance levels at 1.3225, 1.3260 and 1.3300.
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