FXstreet.com (Barcelona) - After having remained trading above 1.2920 during the last 24 hours, the Euro has tested lowest territories on Early European session hitting intra-week low at 1.2885, which so far, remains intact.
On the daily chart, the Euro is looking weak, according to Carol Harmer, technical analyst at Charmer Charts: Currently nearing the base of this range at 1.2885 where you would expect buyers to come in defending this support. However the daily charts look quite weak for Euros, and if sellers break buyers defence at 1.2870 then 1.2787/72 will be the level sellers aim for.
On the upside Harmer sees the pair unlikely to reach higher than 1.3110: if buyers can force the market higher through psychological level of 1.3000/1.3020 then it would give buyers confidence with 1.3090/1.3110 the short term objective. Buyers will be happy to take profits at these higher levels. Sellers may show them selves at these highs, but will not hold positions if 1.3110 breaks.
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