FXstreet.com (Barcelona) - Rally from1.3480 opening price seems to have found a resistance level around 1.3580 and the Euro has retreated slightly to levels above 1.3515 support level (Apr 2 high), at early European session.
According to Carol Harmer, technical analyst at Charmer Charts, 1.3589 stands as an important resistance level: Euros have excellent resistance at 1.3589. This resistance is from the 50% fib retracement levels and as such sellers will be out attacking this resistance with gusto. It is unlikely to break first attempt given the recent price action and buyers are content to wait on the sidelines for an opportunity to re-enter the market at lower levels.
On the downside, Harmer observes 1.3476/50 as key level for buyers: 1.3476/50 would see buyers reappear looking for stability and another thrust higher. If however 1.3450 failed to hold buyers would wobble and sellers would take charge with the market being pushed lower with 1.3414 to 1.3372 then looking to be your likely target.