By Fightforex.com

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The Euro has been favoured by EU defence package plan, and the common currency soared about 3% on Asian session, extending recovery from 14-month low at 1.2525 hit on Thursday to session high at 1.2980 at European opening.

On the upside, the pair might find resistance at 1.3000 (May 5 high), and above here, 1.3045/50 (intra-day level) and 1.3115 (Apr 28 low). On the downside, initial support level lies at 1.2880/00 (intra-day level), and below here, 1.2810 (session low) and 1.2795 (May 7 low).

EUR/GBP bounced sharply on Friday and from 0.8425 low on Thursday, the pair rallied to 0.8810, to pullback later, and close the week at 0.8620. On Monday, the Euro advanced higher, reaching 0.8725 area at European opening. Resistance levels are 0.8730 and 0.8810. Support levels are 0.8610 and 0.8570.