FXstreet.com (Barcelona) - Euro rally extends at the opening of U.S. trading session, the Euro has rallied above 150 pips so far reaching a maximum level of 1.2755 after the release of U.S. jobless claims and PPI data.

Resistance level at 1.2735 has been broken and the Euro has been able to break through the upper lone of the downward trending channel off 1.3093 (Feb 9 high). If 1.2735 holds, the Euro could reach next resistance level at 1.2761 and 1.2800 later on.

On the downside, if 1.2735 gives way, EUR/USD will get back into the downtrend channel with 1.2675 as next support level.