FXstreet.com (Barcelona) - The Euro rejection from 1.2727 extends lower and the pair has given away almost 100 pips already, trading below 1.2655 support level , ahead of the European session opening.

If the Euro manages to remain below 1.2655, next support level comes at 1.2585/1.2600, and once below here the Euro could face selling pressure towards 1.2555 intra-week low.

On the Upside, the Euro would have to confirm consolidation above 1.2655 in order to set another assault at 1.2727, which seems to be an strong resistance area, and once above here, intra-week high at 1.2800 would be the next target.

On the longer term, the Euro continues trading on a upward trending support line, from Mar 3 low at 1.2455, although, at the moment the pair approaches dangerously the line. If the pair breaks 1.2600 the bias could change to bearish.