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12 Jul 2013
EUR/USD steadies after quick drop
FXstreet.com (Córdoba) - The EUR/USD steadied around 1.3030 after a wave of selling took the pair briefly below the 1.3000 mark.
After bottoming out at 1.2998, EUR/USD found support and bounced, but with the recovery capped by 1.3045 the pair steadied around 1.3030/40, which seems pretty much as a new comfort zone. The shared currency is facing some pressure coming from Portugal political turmoil, however, this latest bounce concurs with Portuguese yields retreat from highs.
EUR/USD between Fibo levels
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com, notes that EUR/USD remains between the 23.6% (1.3100) and the 38.2% (1.3030) retracements of this week's rally. "A break of either Fibonacci level is now required to confirm a more directional move in the pair", says Bednarik.
The analyst locates immediate support levels at 1.3000, 1.2950 and 1.2920, while she sees resistances at 1.3065, 1.3100 and 1.3140.
After bottoming out at 1.2998, EUR/USD found support and bounced, but with the recovery capped by 1.3045 the pair steadied around 1.3030/40, which seems pretty much as a new comfort zone. The shared currency is facing some pressure coming from Portugal political turmoil, however, this latest bounce concurs with Portuguese yields retreat from highs.
EUR/USD between Fibo levels
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com, notes that EUR/USD remains between the 23.6% (1.3100) and the 38.2% (1.3030) retracements of this week's rally. "A break of either Fibonacci level is now required to confirm a more directional move in the pair", says Bednarik.
The analyst locates immediate support levels at 1.3000, 1.2950 and 1.2920, while she sees resistances at 1.3065, 1.3100 and 1.3140.