FXstreet.com (Barcelona) - After be rejected by the 1.3070 resistance, falls below the 1.3000 level and reaches the 1.2970, the EUR/USD has risen to the 1.3030 new resistance. Currently, the pair is trading around the 1.3010/30.
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).