FXstreet.com (Barcelona) - The Euro has declined during European session to a minimum level at 1.3210 to bounce and rally almost 120 pips on early U.S. session to reach levels close to 1.3350 intra-day high.
On a longer point of view, Mohammed Isah observes the Euro struggling with the downward trending channel-top: Although tests of higher prices above the pair's declining channel have been occurring, its inability to maintain those gains has kept its declining channel top() as resistance. And while this remains, pressure continues to point lower with the 1.3169 level, its daily 50 emaseen as the next downside target ahead of the 1.3113 level, its Mar 30'09 low and the 1.3097/93 area.
Resistance levels stand at the mentioned intra-day high art 1.3350 and above here, and above there, 1.3385 (April 30 high) and 1.3425. On the downside next support level lies at 1.3290/1.3300 and below there, 1.3265 and 1.3210.
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