FXstreet.com (Barcelona) - Euro rally fro,m 1.3000 dip yesterday has reached a two-week high at 1.3271 after positive Ifo data, and has pulled back later to levels above 1.3215; at the moment the Euro trades around 1.3230 into overbought levels.

Resistance levels remain at 13270 and above here, 1.3300/10 before eyeing 1.3392 April 13 high; on the downside, next support level could stand in the 1.3215/00 area and below there 1.3160 (Apr 23 high) and today's low at 1.3115.

The Euro has reached a clearly overbought area, and, according to Swiss e Trade Strategy Team, decline to levels around 1.3150 should not be completely discarded: Running into stark resistance zones around 1.3250 and currently trading at 1.3240 we do not see much more strength developing today, rather anticipating a later downmove to the 1.3150 level.

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