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Forex pairs in this Article » EUR/USD (New York) - The EUR/USD technical pair has been trading sideways at the 1.3000 region Wednesday during US trading, refusing to relinquish its temporary hold on this level.

EUR/USD already below support

At the time of writing, the EUR/USD pair is trading at 1.3007, incurring a loss of -0.56% despite the rebounding off earlier lows at 1.2985. Following an earlier movement below support at 1.3050, analysts calculate the next supportive structures in the short-term at 1.3015 then 1.2964.

EUR/USD could hit 55-week MA

According to Karen Jones, an analyst at Commerzbank, “The EUR/USD is on the defensive and breaking down past the 200-day MA at 1.3073 and lower. We continue to look for rebounds to be relatively tepid, and intraday these are expected to struggle 1.3065/85. We maintain a negative stance and continue to look for losses to 1.2927/1.2898 (55-week MA).
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