FXstreet.com (Barcelona) - After it reaches fresh six weeks high at 1.3157, the EUR/USD has begun a consolidation movement, falling to 1.3085 and holding the pair above the 1.3100 level in the last hour.
Currently, the pair is trading above the 1.3100 level, around the 1.3115/25 band. If the pair confirm the uptrend and go above the 1.3157, the pair will find resistance at 1.3180, then next level comes at 1.3325 (Jan 28 high). The Euro, however, is overbought on the hourly chart, and a slight correction downwards should not be discarded. First support comes at 1.3070/90 area, and below there intra-day low at 1.2985; swinging lower than that would increase selling pressure towards 1.2933 support level.
According to Valeria Bednarik, FXstreet.com Collaborator, the pair above the 1.3100 level is an important topic to look: Despite Wall Street remains negative, the pair has break above technical key levels and set bases at 1.3100. 4 hours charts suggest further rises from actual level despite smaller time frames seems a bit over bought. Corrections to the downside should remain contained by the 1.3000 key inflexion point. From actual price, resistances will be at 1.3144, 1.3178 and 1.3210/20 zone. Supports on the other hand, will be at the 1.3100 zone, 1.3070 and 1.3025. Daily charts show the pair is about to break the 20 SMA, so a clear close above it, will confirm further continuation. Indicators also showing probable upside bias, that if holds, will send tie pair to test the 1.3300 zone. Under 1.3000 further appreciations will be deny.