Euro attempt to recovery from intra-day low at 1.3245 has been halted at 1.3340 level and the Euro has pulled back to levels above 1.3300; The Euro trades now at 1.3310, approximately at the day opening price.
Support levels lie at 1.3300 and below there, 1.3275 and intra-day low at 1.3245. On the upside, immediate resistance lies at 1.3340 intra-day high, and above there, 1.3385 congestion area, and then 1.3435 (May 5 high).
According to Peter Rosentreich, technical analyst at ACM, Advanced Currency Markets, the Euro will move sideways ahead of tomorrow’s ECB meeting: “The pair failed to reach 1.3479 (200d ma) as a pullback in risk damped USD bearishness. Failure to sustain move above 1.3412 neutralizes bullish theme & puts the focus on 1.3190 intra day support. We expect rangebound trading ahead of tomorrow ECB meeting.”
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