FXstreet.com (Barcelona) - After several attempts to pick up the Euro has returned to its downward path and, at the moment of writing, the pair is testing 1.3155 support level, more than 130 pips below 1.3285 Asian session high.
If 1.3155 gives way, next support level could lie at 1.3070 (Mar 16 high), below here, next support could come at 1.3000 psychological level. On the upside, Friday's low at 1.3255 and intra-day high at 1.3285 could act as resistance. Above here, 1.3340 and 1.3365 intraday levels could come next.
According to Peter Rosentreich, technical Analyst at Advanced Currency Markets, pressure on European economies is weighing on the Euro: Bullish intermission subsides and weaker Euro resumes as continued pressure in European economies weighs on the single currency. Broad bearish trend regains strength as we fail to break 1.3493 - 1.3681 range. Declining neckline breaks lower, initial resistance sits at 1.3341. Focus is lower, initial support at 1.3088 setting the tone for a mid-term target at 1.2457.