FXstreet.com (Barcelona) - The Euro is trading above the 1.2760 level of the flat trading channel it has been into since yesterday's American session. The Euro attempts to break higher although the pair seems fairly neutral.
In addition, the worst than expected consumer, economic and industrial confidences are pressing down the Euro. Currently, the EUR/USD is trading around the 1.2755/75 band.
If the EUR/USD consolidates above 1.2760, it could rally further towards next resistance level at 1.2815 area, and above there, the odds for reaching three-days high above 1.2900 would increase. On the downside, failure to break 1.2760, could bring about some selling towards session lows at 1.2690, and beyond there, 1.2660 (Feb 24 low.)
According to Valeria Bendarik, FXstreet.com Collaborator, the Euro is the weaker currency of the majors: From a technical perspective the Euro remains the weaker currency of the board with the 20 SMA in 4 hours and daily charts above actual price and tending lower. Indicators remain flat or bearish, suggesting any bullish attempt will remain capped by selling pressure. Next week expected rate cut in Europe, is already among traders, and will be difficult to see it gains bullish momentum these days.