Forex: EUR/USD testing support around 1.2950

FXstreet.com (Barcelona) - Presently, the EURUSD is dipping from recent session highs at 1.2972 to fresh session lows at 1.2952, where Valeria Bednarik, Chief Analyst at Fxstreet.com, finds the "61.8% retracement of the latest daily fall from 1.3170 to 1.2660," noting that "while there is scope for more rises, surges above 1.30/31 will be likely seen as good selling opportunities over the next few days," the analyst says.

The pair is up a +0.61% from previous Asia-Pacific open past Friday, while from a technical perspective: "For the short term, the hourly chart shows indicators slightly exhausted in overbought territory pointing for a short bearish correction before next leg up. Immediate support comes at 1.2950 and if the level holds the downside, 1.3040 seems a probable bullish target for today," Valeria expands.

The analyst locates support levels at: 1.2950, 1.2910 and 1.2880, while resistance levels at: 1.3000, 1.3040 and 1.3085.