The last 48 hours has seen the Euro enjoy a sojourn above the key level at 1.30 before being forced back again with excessive supply. Over the last week or so, the 1.29 level has been providing strong support and stopping the Euro’s price decline, and the last 48 hours has seen the Euro jump up from this level towards 1.30.
Looking at the bigger picture, the last few weeks has seen the Euro meet significant selling pressure near the resistance level around 1.3160 and move away steadily.
Should the Euro fall through the 1.29 level, there is a reasonable chance that the longer term support level at 1.28 will be called upon. Since the Euro broke through 1.30 last week, the 1.29 has become a factor and showed solid support, after having done so previously a few weeks ago. The 1.28 level still looms large and remains a significant level and the Euro is likely to test this level again should it break through the present support level at 1.29. (Daily chart / 4 hourly chart below)
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