FXstreet.com (Barcelona) - The Euro has opened the week on a weak note and decline extends below 1.2630 resistance level, and heads toward 1.2600 (Mar 6 low).

The EUR/USD has dropped all the way from session high at 1.2727. If 1.2600 support level gives way, the Euro could face support level at 1.2540, and below there mar 5 high at 1.2480 before 1.2455 (Mar 3 low.) On the upside, 1.2630 would be the first level to take, and then session high at 1.2727 and then 1.2755.

According to the E-Forex team, the pair is on a bearish configuration: Daily studies are slightly bearish and a sustained break above the 1.2800 mark is needed to suspend current bearish view, and even then, it may be difficult to climb too high as there are important barriers at 1.2990 and 1.3090. Hourly sentiment is bearish at the time of this report. Current quote is 1.2625 @07:20 GMT.