FXstreet.com (Barcelona) - The Euro seems to have found an strong enough support level at 1.3165, and the pair has picked up during the European session reaching at the entrance of the 1.3225/40 resistance level.

If the Euro manages to break above here, next resistance could be located at 1.3300 and above here, 1.3320 and 1.3360. On the downside, 1.3165, and below here at 1.3115 (Mar 30 low) and 1.3070 (Mar 16 high).

According to peter Rosentreich, Technical analyst at ACM, Advanced Currency markets, the Euro will remain bearish as long as it remains below 1.3300: For the time being we see a strong bearish impetus, eyes on 1.3167 as initial support. Further weakness towards 1.3116 would complete skewed double top formation and break for the gallows. That said, is this risk hiatus temporary? A return above 1.3200 could see a retracement move being seriously considered, however anything below 1.3300 can't be deemed a change in short-term trend.