StockMarketWire.com - The euro is continuing it range-bound performance against the US dollar and British pound, but both crosses remain well supported in the short term.
At 0907 GMT, the euro was down 0.06% at 0.8067 pence, while it was down 0.01% at $1.3006.
Against the greenback, the euro needed to re-test and push through the $1.3020 area to retarget the highs this month at $1.3125 and the larger resistance at $1.3175, said Michael Hewson of CMC Markets.
"The key support remains at the $1.2880/90 level, which is the 50% retracement of the up move from $1.2660 to last week’s high at 1.3125," Hewson said.
However, he noted, a move below $1.2880 opens the potential for a slide towards trend line support at $1.2820.
Against sterling, the euro was enjoying support around 0.8020 pence, which remained "the key level for the uptrend to continue," Hewson said.
"A break below the 0.8010 pence level targets the November lows at 0.7960 pence, while a move back through 0.8080 pence is needed to stabilise and target a move back towards 0.8130 pence," he said.
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