Forex: EUR/USD falls below 1.3000
Forex pairs in this Article »
EUR/USD
FXstreet.com (Córdoba) - The euro extended losses against the greenback after the ECB decided to leave rates unchanged but it did lower its growth and inflation forecasts, while President Draghi said that policy makers considered cutting interest rates.
EURUSD has lost more than 80 pips within the last hours, and recently printed a 3-day low of 1.2987. At time of writing, EURUSD is trading at the 1.2990 zone, down 0.5% on the day.
"The dovish stance from the president sent EURUSD below an ascendant trend line coming from 1.2740 currently offering resistance around 1.3040", says Valeria Bednarik, chief analyst at FXstreet.com. "The hourly chart shows an increasing bearish momentum, and price well below 20 SMA, which continues to favor the downside towards 1.3000 and 1.2970 upcoming supports".
"The pair however, may enter some static consolidation in a few hours, with volume decreasing ahead of tomorrow's US NFP", Bednarik adds.
EURUSD has lost more than 80 pips within the last hours, and recently printed a 3-day low of 1.2987. At time of writing, EURUSD is trading at the 1.2990 zone, down 0.5% on the day.
"The dovish stance from the president sent EURUSD below an ascendant trend line coming from 1.2740 currently offering resistance around 1.3040", says Valeria Bednarik, chief analyst at FXstreet.com. "The hourly chart shows an increasing bearish momentum, and price well below 20 SMA, which continues to favor the downside towards 1.3000 and 1.2970 upcoming supports".
"The pair however, may enter some static consolidation in a few hours, with volume decreasing ahead of tomorrow's US NFP", Bednarik adds.
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