EUR/USD: Euro finds support at 1.2615 on reaction off 1.2660

By IBTimes Staff Reporter | March 03 2009 12:27 AM

FXstreet.com (Barcelona) - After several attempts to break resistance level at 1.2660, the Euro could not manage to remain above there, and the pair fell back fast towards support line at 1.2615.

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At the moment the European currency is trying to recover and if the pair manages to hold above here, a new assault to 1.2660 resistance level could be likely. In case of successful move above here, the pair could attempt a rally towards 1.2700 first, and above here next support level could be 1.2750/60.

On the downside, failure to remain above 1.2615 would set the focus towards intra-week low at 1.2535, below here 1.2510 (Feb 18 low): Below here, the Euro would return to the lowest levels of the last three months aiming towards 1.2420 (Nov 21 low).