FXstreet.com (Barcelona) - The Euro has rallied to an intra-day high at 1.3050 level ahead of the European session opening, to pull back to levels around 1.30 20 at the time of writing, the Area between 1.3035/50 seems a tough one for the Euro.
Resistance above 1.3035/50 level, next resistance could be at 1.3090 (Apr 10 low) and above here, 13125/45 (Apr 16 and 15 lows). On the downside, support levels lie at 1.2980 and 1.2950, below there, 1.2920.
According to the E-Forex Team the 150 pips rally has been a corrective one, and 1.3050 is a tough resistance: Although it managed to breach above the 1.3 mark on yesterday, the euro had a hard time approaching the 1.3050 zone, intra-day resistance formed around 1.3035 being stable enough to hold on several tests. The 150 points recovery is part of a corrective cycle so far and the decline may resume if the euro doesn't break above 1.3140 - the median retracement level of the last down leg from 1.3390 to 1.2885.
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