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Forex pairs in this Article » EUR/USD (New York) - The EUR/USD foreign exchange rate fell below the 1.3000 level briefly, only to regain this key psychological region during US trading, already operating below support.

EUR/USD close below 1.3034 viewed as negative

Following the earlier destabilization and subsequent sideways trading at the 1.3000 barrier, the EUR/USD technical pair is still incurring a sizable loss of -0.65% Wednesday. “The EUR/USD had strong support is at 1.3034, and as such a closing break below this would be negative. On the rise, resistance is at 1.3238 ahead of 1.3417, suggesting a neutral intraday outlook.” notes Gareth Berry, a Research Analyst at UBS.

EUR/USD uptrend still valid, aggressive trading beckons

According to the InnerFX trading team, “The ongoing EUR/USD decline doesn’t seem to be over yet and there’s pressure on the 61.8% retracement value around 1.3060. An upcoming MA has good support during the uptrend and we believe that it’s still valid – but this time as a resistance layer. So either selling on a break below this 61.8% (the aggressive way) or on a pullback to 1.3100-50 area is the way to go.”
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