FXstreet.com (Barcelona) - After its decline from 1.3035 intra day high at late Asian session , the Euro trades some pips below 1.2992 Feb 23 high. Volatility has declined and bollinger bands have tightened. A breakout seems possible, and German ZEW economic survey, scheduled at 10:00 could well trigger it.

Above 1.2992/1.3000, the Euro could attempt to reach a new six week high breaking above yesterday's high at 1.3070, if the pair holds above there, the way to 1.3180 (Jan 29 high) would be clear. Then 1.3330 (Jan 27 and 28 high).

On the downside, support levels come at 1.2950 (intra-day low) and 1.2870, below here 1.2820/35 and 1.2740.

According to the E-Forex team, the Euro could attempt to rally past 1.30 and further up in the medium term: Euro seem ready to overcome the resistance formed into the 1.3080/90 region by February's high. Above the said level, renewed gains will probably extend towards a minor top of January around 1.3330 and maybe to 1.3590 within the current month. Key medium term resistance is formed at 1.3590 by the 50% retracement of the last decline from 1.4720 to 1.2455.