FXstreet.com (Barcelona) - Decline from 1.3300 high on Friday seems to have found support at 1.3120 on early European session and the Euro has reached a maximum level at 1.3185, the Euro trades now at 1.3170, 0.70% above its opening level.
Next resistance level lies at 1.3200, and above here, 1.3230/45 and 1.3300 (Apr 24 high). Support levels stand at intra-day low at 1.3115 and below there, 1.3085 and the area between 1.3050/35.
According to Stoyan Mihaylov, technical analyst at Deltastock.com, EUR/USD decline from 1.3300 high will be corrective as long as it remains above 1.3065: The pair reversed precisely at our intraday target at 1.3296 and current bias is negative for 1.3092. Keep in mind, that while the pair is above 1.3064, the slide from 1.3296 is to be considered as a corrective wave, preceding rise towards 1.3589.
At the moment, Mihaylov considers that the Euro is trading on a neutral bias: EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.3035 and 1.3589.
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