FXstreet.com (Barcelona) - The Euro seems to be gathering some strength to take back during the European session most of the ground lost during the Asian session time, after bouncing at 1.3165, the Euro has reached levels above 132425/40 resistance level.

In case of further climbing, the Euro could, probably face resistance at 1.3300 and above here, 1.3320 and 1.3360. On the downside, failure on moving above 1.3225/40 could find support at 1.3165, and below here at 1.3115 (Mar 30 low) and 1.3070 (Mar 16 high).

According to Peter Rosentreich, Technical analyst at ACM, Advanced Currency Markets, 1.3300 is a key level for a shift on trend: For the time being we see a strong bearish impetus, eyes on 1.3167 as initial support. Further weakness towards 1.3116 would complete skewed double top formation and break for the gallows. That said, is this risk hiatus temporary? A return above 1.3200 could see a retracement move being seriously considered, however anything below 1.3300 can't be deemed a change in short-term trend.