Forex Special - The Euro is building up momentum against the US Dollar, and after la mild decline to 1.3120 low at European opening, the pair has bounced up strongly to break above 1.3175 session high and return to 1.3200 area.
If the pair consolidates above 1.3175/80 (previous session high/intra-day support), next resistance levels could be 1.3230/40 (Aug 4 highs) and 1.3260 (Aug 2 highs). On the downside, support levels are at 1.3120/30 (session low/Fib retracement level), and below here, 1.3100/05 (Jul 29 high) and 1.3095 (Jul 30 high).
The pair has been going through a corrective decline, according to Stoyan Mihaylov, technical analyst at Deltastock.com, while the overall bias remains bullish towards 1.3310: "Current slide from 1.3262 is corrective, preceding next advance towards 1.3310. Intraday support is seen at 1.3107 and crucial for the whole uptrend since 1.2730 is 1.2980. Important resistance is projected at 1.3176-83 and it will be a trigger for next leg upwards to 1.3310."