FXstreet.com (Barcelona) - The Euro has failed its attempt to rise above 1.3000 on its rally from 1.2555, and has reacted down approaching support levels at 1.2875.
If aforementioned support level does not hold, next support remains at 1.2824 (Feb 16 high), and below there 1.2800. On the upside, above 1.2875, The Euro might find resistance at 1.2950, before 1.3000.
Despite the high volatility seen on the pair, Valeria Bednarik, collaborator at FXstreet affirms that the Euro continues bearish on the longer term: Despite the high volatile in EUR/USD, the most liquid pair of the board, long term perspective remains bearish over the rest of Q1 and into Q2 and the 1.3360 zone should contain further rises.
Bednarik advances high-volatility movements for the whole week ahead: Market needs to decide what will weigh more: the Euro zone continue downturn or the dollar safe haven condition. Moving back under 1.2800 should refresh bearish momentum on the pair, but volatility will remain high at least for this week.