FXstreet.com (Barcelona) - Euro rally from intra-day low at from 1.2835 has been unable to take resistance at 1.3070 and has reacted down, dropping 70 pips during U.S to try to find support at 1.2992/130 level.
According to Valeria Bednarik, FXstreet.com Independent Analyst, the decline has a corrective nature: Clearly bullish, the pair seems to have found a top around 1.3065 and is correcting a bit before further continuations. Moving averages remain under the price and pointing to the upside while indicators have some signs of exhaustion, with CCI showing some bearish divergences in the hourly chart. Volume is good at the moment. Corrections should stay capped at the 1.2980/1.3000 support zone, or else, more selling pressure will be seen here.
Below 1.3000, next support levels would be at 1.2955 and 1.2870. On the upside, upside Euro could find resistance at 1.3040 (100 day SMA), and 1.3074 (Mar 10 high), above here 1.3100 and then 1.3180 (Jan 29 high).