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FXstreet.com (Barcelona) – Euro retreat from 1.3590 high last Friday is pulling lower on early European session, with the Euro reaching levels below 1.3300 to hit a fresh week low at 1.3285 and approaching this year’s low at 1.3265.

On the downside, if the Euro consolidates below 1.3300, next support level would be at the mentioned 1.3265 (Mar 25 low), and below here 1.3210 (May 9 low). Once below here, the pair would be at 11-months low).

On the upside, On the upside, initial resistance lies at 0.8775 (session high) and above here, 0.8810/20 (Apr 7 high/intra-day level), and 0.8860 (Apr 5/6 high).

Daily charts are showing negative signs, according to Carol Harmer, technical analyst at Charmer Charts who points out to 1.3034 target if 1.3250 gives way: “Daily charts have turned negative for this market, and this (1.3350/60) must be kept an eye on. It does suggest we have further to go on the downside. However whilst this holds above the lows there is scope for a pullback once more. if we lose 1.3250 abandon any longs for 1.3034 target.”

Forex: EUR/USD slides below 1.3300

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