FXstreet.com (Barcelona) – Euro decline from 1.3535 high on Tuesday has been held at 1.3480 low ahead of the European opening, and the pair has bounced up reaching session high at 1.3475 supported, in part, by preliminary CPI data showing acceleration of inflation in March.

Indicators remain bullish on hourly charts, with 1.3485 level key on the upside, says to Valeria Bednarik, collaborator at FXstreet.com: “Indicators in the hourly chart hold the bullish bias, so key level to watch to the upside will be the 1.3485 zone: an acceleration above that level, could take the pair quickly to 1.3520 ahead of 1.3560 zone.”

On the downside, Bednarik points out to 1.3430/40 and 1.3380/1.3400 support areas : “Base for the pair is now 1.3430/40 and only under this last, we could see a new approach to the 1.3380/1.3400 area.”

Forex: EUR/USD reaches session high at 1.3475

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