FXstreet.com (Barcelona) - The Euro has dropped from 1.2950 intra-day high to 1.2900, giving away all the ground gained during Tuesday's Asian session although Buyers seem to be defending 1.2900 support level successfully so far and 1.2885 price, reached in Apr20, remains as one month low.

on the upside, 1.2950 seems a difficult level to break, and above here, next resistance might lie at 1.3020 (Apr 20 high), if the Euro breaks this level, 1.3085 (Apr 10 low) could be on sight. On the downside watch for the 1.2900/1.2885 area, and below here , possibly 1.2835 (Mar 16 low) and 1.2755 (Mar 6 high).

According to Carol Harmer, technical analyst at Charmer Charts 1.2988 is a key level on the struggle between buyers and sellers: Your first retracement target is located at 1.2988. If this resistance breaks then 1.3039 would be the next targeted area. Here buyers should take profits, but sellers will also be around this region looking to force the market lower. If buyers grab the upper hand and force the market through 1.3045 look for 1.3070 to 1.3110 to entice.

For more information, read our latest forex news.