FXstreet.com (Barcelona) - Euro strength seen at European
session opening seems to have run out of steam and after hitting
1.3025 high, fuelled by positive stock markets, the pair has given
back gains dropping to levels right above 1.2925 session low at the
moment of writing.
The pair has reached an important resistance area at 1.3000,
according to Peter Rosenstreich, technical analyst at ACM -
Advanced Currency Markets: "A formidable resistance zone is now on
the horizon which would prompt us to start getting short and
selling on any rallies towards 1.3050 (we may not even get to see
that level though so our preference is to scale into the position
gradually above 1.3000)."
On the downside, Roosentreich points out to 1.2905 and 1.2875
support levels: "We still expect some buyers to lie around 1.2905
(100-day moving average), 1.2871 (yesterday's low), 1.2780 (a
former pivot), and 1.2683 (last Wednesday's low)."