Forex: EUR/USD drops below 1.2900
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EUR/USD
FXstreet.com (Córdoba) - Following a short-lived recovery, the euro resumed its decline against the dollar and fell below the 1.2900 mark in recent dealings, despite newswires are reporting that Greece will receive its next aid tranche by the end of November.
EURUSD recovery attempt was capped by the 20-hour SMA at the 1.2960 zone at the beginning of the NY session, and having lost over 70 pips ever since it recently hit a 1-week low of 1.2882 as risk aversion resurfaces. At time of writing, EURUSD is trading at the 1.2890 zone, recording a 0.6% loss on the day.
From a technical view, Slobodan Drvenica, analyst at Windsor Brokers Ltd, recently commented that a break of 1.2900 could spark fresh weakness and possible test of key near-term supports at 1.2825/00, 200 day MA / 01 Oct low. "Any further bounce requires break above 1.3000, psychological barrier and Fib 61.8% of larger 1.3070/1.2900 descend, to ease immediate bear-pressure", the analyst said.
EURUSD recovery attempt was capped by the 20-hour SMA at the 1.2960 zone at the beginning of the NY session, and having lost over 70 pips ever since it recently hit a 1-week low of 1.2882 as risk aversion resurfaces. At time of writing, EURUSD is trading at the 1.2890 zone, recording a 0.6% loss on the day.
From a technical view, Slobodan Drvenica, analyst at Windsor Brokers Ltd, recently commented that a break of 1.2900 could spark fresh weakness and possible test of key near-term supports at 1.2825/00, 200 day MA / 01 Oct low. "Any further bounce requires break above 1.3000, psychological barrier and Fib 61.8% of larger 1.3070/1.2900 descend, to ease immediate bear-pressure", the analyst said.
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