EUR/USD consolidates around 1.2250
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EUR/USD
FXstreet.com (San Francisco) - The EURUSD dropped 0.5% overnight, closing at a 2-year low of 1.2248 vs. 1.2311 after dipping to as low as 1.2234, a price not seen since 1 July, 2010.
U.S. dollar demand was boosted across the board along with the Japanese yen on the back of news that a German court could delay Europe's new bailout fund.
So far in early Asia, "The hourly chart shows price consolidating in a tight range below its 20 SMA, while indicators hold in negative territory," explains Valeria Bednarik, Chief Analyst at FXstreet.com.
Ms. Bednarik also notes that the 4-hour timeframe chart shows price below a strongly bearish 20 SMA, while RSI has once again entered oversold territory; "break below mentioned low has scope for an extension towards the 1.2160 price zone," she says.
Ahead of the 1.2160 level, more immediate support lies at 1.2245 and 1.2210. Resistance levels lie at 1.2285, 1.2300 and 1.2330.
U.S. dollar demand was boosted across the board along with the Japanese yen on the back of news that a German court could delay Europe's new bailout fund.
So far in early Asia, "The hourly chart shows price consolidating in a tight range below its 20 SMA, while indicators hold in negative territory," explains Valeria Bednarik, Chief Analyst at FXstreet.com.
Ms. Bednarik also notes that the 4-hour timeframe chart shows price below a strongly bearish 20 SMA, while RSI has once again entered oversold territory; "break below mentioned low has scope for an extension towards the 1.2160 price zone," she says.
Ahead of the 1.2160 level, more immediate support lies at 1.2245 and 1.2210. Resistance levels lie at 1.2285, 1.2300 and 1.2330.
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