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Forex pairs in this Article » EUR/USD
FXstreet.com (Barcelona) - EURUSD is currently near session highs at 1.2291, bouncing from early session lows at 1.2229, with local share markets in the red, Hang-Seng -1.52%, Nikkei -0.96%. According to Chris Capre from 2ndSkiesForex: "either this last sell-off is exhaustive in nature, or the market is looking to push for more downside. I think the latter and am looking for further deterioration in the pair," the analyst says, adding: "At this point, i'm either going to wait to see if the market will remain weak at these levels, and then look to sell near the former yearly lows on a breakout pullback to the 1.2300 level," Chris notes.

London session ahead will bring German 6 month bills sovereign debt auction at 06:00 GMT worth ¬ 4B, while Spanish 10 year yield finished Friday barely below the 7% mark, and USD index last near a double 2012 high at 83.5s. At the same time will come German trade balance, followed by EU Sentix investor confidence at 08:00 GMT, and ECB president Draghi giving a speech at 12:30 GMT. EU finance ministers will meet in Brussels this Monday as well.

Immediate resistance to the upside for EURUSD show at recent levels as June 01 lows, followed by May 31 lows at 1.2361, and June 28 lows at 1.2400. For the downside, closest support comes at recent session and fresh 2012 lows at 1.2229, followed by June 23 2010 lows at 1.2207, and June 29 lows 2010 at 1.2148.
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