FXstreet.com (Barcelona) - The Euro has hit a new intra-week low at 1.2965 before returning to levels above 1.2980, and at the moment trades around 1.3000; within the consolidation range of the last hours, between the mentioned 1.2980 and 1.3035.

According to Greg Holden, technical analyst at Forex Yard, comments of ECB members over the Bank keeping interest rates at current levels have weighed on the Euro: Since the beginning of the week the pair has entered a bearish trend, dropping from 1.3300 down to 1.3000. And now, as all the oscillators on the 4-hour chart are pointing down, it appears that the bearish movement might have more room to go.

Resistance levels lie at the mentioned 1.3035/50 area and above there, 1.3085 and 1.3160. On the downside, next support level lies at 1.2985, and below there, 1.2950/45 and 1.2920.

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