FXstreet.com (Barcelona) - The EUR/USD decline has failed to stop at 1.2720 support level and the pair advances on its way down towards intra-week support level at 1.2662, giving away all the ground gained during Tuesday's European session rally.

The Euro has been rejected at 1.2820 and it has dropped about 110 pips in early U.S. session walking back all the ground gained in Asian and European session. The pair could fond support at 1.2700 level, and beyond here next support would come at 1.2663.

Below the aforementioned level, the Euro would reach an intra-week low and selling pressure could drive the Euro down to the 1.2630 area, nevertheless, according to the Mataf.net Technical Team the Euro could find support above intraweek low: EUR USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. Bollinger bands are flat. ForexTrend daily (Mataf Trend Indicator) is in a bearish configuration. The price should continue to move in Bollinger bands.