FXstreet.com (Barcelona) - Euro rally from 1.2835 low in Asian session has reached its top at 1.3070 resistance level and the pair has opened a sideways moving pattern in the hourly chart between there and 1.3000.

The Euro is overbought in hourly and 3 hour chart, and a slight correction below 1.3000 should be taken into account. Below here, next support levels would be at 1.2955 and 1.2870. On the upside, upside Euro could find resistance at 1.3040 (100 day SMA), and 1.3074 (Mar 10 high), above here 1.3100 and then 1.3180 (Jan 29 high).

According to the FastBrokers Research Team, the Euro stands now at rather impotant resistance levels: swoop. The currency pair is currently sitting above the psychological 1.30 level and could experience some near-term profit taking as investors hesitate to send the EUR/USD above and beyond. Furthermore, the currency pair is facing February highs, a constrictive barrier for the time.