FXstreet.com (Barcelona) - Assault to 1.3300 resistance level ahead of the European session opening has failed and the Euro dropped 50 pips below on its way to 1.3240 support.

If the mentioned support gives way, 1.3190 and 1.3165 (Apr 1 low) could act as next support levels, once below here, 1.3110 (Mar 30 low). On the upside, a successful move above 1.3300 would expose 1.3340 (Mar 30 high) and above here, 1.3365 and 1.3415 (Mar 25 low).

Carol harmer, technical analyst at Charmer Charts points out to 1.3300 as key level for bulls: Euros held 1.3170 and have traded slightly higher to 1.3295. Resistance is at these higher levels and only if above 1.33 would you expect to see fresh buyers step into the market.

Once above here, Harmer warns about the 1.3185 area: Buyers would then take control and lead the market higher with 1.3381/85 then looking to entice. This resistance combines with the short term 50% fib retracement level, so would not expect this to break without a struggle. Sellers will be out in force to keep the market below here and overall push the market lower.