FXstreet.com (Barcelona) - Euro upward reaction from 1.2900 could reach past 1.2950 previous intra-day high but was rejected at 1.2900, and the pair has returned to the range between 1.2900 and 1.2960.

The Euro might find support now at 1.2950/40 area to try another assault to 1.300; in case of falling below here, 1.2900 and 1.2835 (Mar 16 low) could be next support levels.

On the upside 1.2990/1.3000 seems a tough level to cross. In case of successful rise above there, nest resistance might lie at 1.3020 (Apr 20 high) and then 1.3085 (Apr 10 low).

According to the Ace Trader Technical team, whatever attempt on the upside will be capped at the 1.2990/1.3000 area: Failure to penetrate intra-day sup at 1.2895 and current rebound suggest further consolidation above y'day's 1.2888 low is likely n another corrective rise to 1.2954 cannot be ruled out, however, reckon 1.2985/90 would hold.

For more information, read our latest forex news.