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Forex pairs in this Article » EUR/USD (Córdoba) - The euro failed to sustain gains above the 1.2900 mark against the dollar and stabilized just below, after climbing near 80 pips from a 1-week low of 1.2834, scored during the Asian session, to a high of 1.2912 during the New York trade.

EURUSD lost momentum as stocks pulled back from session highs in Wall Street and turned negative again. At time of writing, EURUSD is trading at the 1.2895 zone, still slightly higher on the day.

"As overall picture remains bearish, the latest rally could be seen as corrective wave 4 of downmove from 1.3070 and should ideally end at 1.2900 area, before the wave 5 commences, with projected target at 1.2770 that will include break below strong 1.2820/00 support", Slobodan Drvenica, analyst at Windsor Brokers Ltd, commented.

"Conversely, extension of wave 4 through initial 1.2920 barrier, Fib 38.2% / trendline resistance and 1.2960, yesterday's intraday high, near 50% retracement, would question bears, while regain of psychological 1.3000 is required to turn near-term focus higher", the analyst added.
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