Forex: Analysts' eye on EUR/USD

FXstreet.com (San Francisco) - The EURUSD has bounced from an 8-day low of 1.2824 set today in Asia and last trades near its opening price around the 1.2870 mark with U.S. jobs data and trade balance the next major event risk.

In an earlier analysis of EURUSD, Valeria Bednarik, Chief Analyst says price holds potential for further falls; "Keep an eye on past week low of 1.2803, as once below, the pair may attempt to test the 38.2% retracement of the latest daily bullish run around 1.2745," she says.

EURUSD seems to have found support in the 200-day EMA (today at 1.2860) as well as the May 21 peak, which has halted the market retreat so far today. "It would take a push below these levels to test the lows from the last few weeks at 1.28," comments Christopher Keane, analyst at keanefx. "So you can see that support is stacked between 1.2835/00, but a break would expose September's Fibs - starting with the .382 fib at 1.2734."

As Sean Lee, founder of FXWW notes, "Interbank dealers still report plenty of buying interest starting at 1.2820 and staggered down through 1.2800, so I'm not expecting any vertical collapse."