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FXstreet.com (Barcelona) - Euro retreat from 1.3550 high on early Asian session found support at fresh 8-month lows 1.3360, to bounce up on European session, as risk aversion eased, and regain lost round, reaching 1.3545, where sellers showed up again, sending the pair back below 1.3500.

On the downside, support levels lie at 1.3360/80 (Sept 22 low/day low), and below here, 1.3280 (Jan 18 low) and 1.3235 (Jan 17 low). Resistance levels are 1.3545/55 (day highs) and above here, 1.3595 (Sept 19/20 lows) and 1.3800 (Sept 21 high).

Beach of 1.3560 could activate a double bottom scenario, according to Fan Yang, technical analyst at FXTimes and trigger a further correction to 1.3650 or 1.3700: "If the market closes above 1.3560, there is a double bottom, and a correction to the upside can develop. A near-term target for this rally would be the 1.3630, 61.8% retracement level to 1.3650, 200-period simple moving average in the 1H chart. If the market pushes above 1.37, we are likely to consolidate further in time/price."

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