FXstreet.com (Barcelona) - EUR/USD has pared losses posted early on Monday, after the E.U. refusal to bail out Eastern European Banks, and the pair has returned to levels above yesterday's high at 1.2620, from 1.2537 session low.

The Euro has bounced up at 1.2537 intra-week low and it has risen through resistance levels at 1.2620 to test next resistance level at 1.2660. Once above here, the pair will be on its way to sett an assault to 1.2700 level.

On the longer term the Euro is on a bearish move from 1.2992 high on Feb 23, and the Mataf.net Technical team does not seem the current rally strong enough to break 1.2700 resistance area: EUR USD broke 1,2630 resistance. The volatility rises. Bollinger bands are deviated. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bearish configuration. The price should find a resistance below 1,2700 (33 pips). The price should continue to move in 1,2520 / 1,2700 range.