Forex: EUR/USD opens on a weak note below 1.3320

FXstreet.com (Barcelona) - EURUSD starts the week in Asia-Pacific with a slightly weak tone, last at 1.3315, following the big sell off from last Friday, printing fresh session lows at 1.3303. No major risk events scheduled for the current session till later on Eurogroup meetings start in Brussles, while US markets will keep closed for holiday all day long.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: "for the short term, the outlook remains bearish according to the hourly chart, with indicators heading south below their midlines with the weekly opening and price capped below 20 SMA." The analyst expands: "Price however, holds around 1.3320, 23.6% retracement of the latest daily run, and further gains above will deny the downside in the short term, although only above 1.3350 the pair can gather some real momentum."

"On the other hand," she adds, "1.3260 stands as the key level to watch to the downside, 38.2% retracement of the same rally and neck of the double top under development. Stops are likely below, and if hit, the run may extend towards 1.3180 area today," Valeria concludes.

She finds support levels at: 1.3290, 1.3250 and 1.3220, while resistance levels at: 1.3350, 1.3375 and 1.3400.