forexsq - The last couple of weeks has seen the Euro meet significant selling pressure near the resistance level around 1.3160 and move away steadily. Over the last week, it had been receiving solid support at 1.30 although in the last few days, it has dropped below there despite its best efforts to hang on. The recent resistance level around 1.3150 has definitely played a role and placed excess supply pressure on the Euro, and the short term support level at 1.30 hasnât been as steadfast in maintaining price.
In the last few weeks the Euro has rallied well and been able to push back off the support level at 1.28 and up towards 1.30 and then some, however the resistance level near 1.3160 has stood firm and fended off advances. Now that it appears that the Euro has broken through 1.30 and been unable to hang on, the 1.29 is likely to become a factor having shown some support a few weeks ago. The 1.28 level still remains a significant level and the Euro is likely to test this level again should it continue to ease away from 1.30 and move through 1.29. forex