EUR/USD: Euro continues rallying on its way to 1.3000

By IBTimes Staff Reporter | February 22 2009 9:19 PM

FXstreet.com (Barcelona) - The Euro bounced up strongly on Friday 's late U.S. session after bouncing up from 1.2565, the rally continued during Monday's Asian session reaching some pips short of resistance level at 1.2950.

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The Euro is bullish, according to the E-Forex team: Daily momentum is slightly bullish due to the 400 points recovery from 1.2515 and resistance emerges at 1.2990/00 followed by a more important barrier into the 1.3075/90 zone. Hourly studies are positive as the Euro gained 170 points today.

Thew E-Forex team foresees the following support levels: Support starts at 1.2890 backed by 1.2800/10 and 1.2720/50. Upside may remain under pressure while support into the lower 1.28 zone is intact.