Forex: EUR/USD gently bid above 1.2700
Forex pairs in this Article »
EUR/USD
FXstreet.com (San Francisco) - Weak German data and persistent Greek uncertainty enabled EURUSD to trade mostly with a negative bias on Tuesday, falling briefly below 1.27 to reach a two-month low of 1.2660 before finishing practically unchanged on the day around the handle. A descending trend line continues to serve as support at 1.2675 (Feb 29/April 2 peaks).
Technically speaking, according to Valeria Bednarik, Chief Analyst at FXstreet.com, "The downside remains favored as long as [1.2740] resistance holds, with a break below 1.2660 daily low exposing 1.2610 next big support." The EURUSD holds a gentle bid tone at 1.2710 from 1.2702 late Tuesday in New York. Ms. Bednarik identifies EURUSD support levels at 1.2635 and 1.2610, while resistance levels are noted at 1.2740 and 1.2785.
Little data of consequence is on offer today in Asia, so price action will largely be driven by regional bourses and sentiment until euro zone September industrial production data is released in the European session. On the other side of the Atlantic, U.S. advance retail sales for October, PPI and the FOMC minutes will be key event risks for USD.
Technically speaking, according to Valeria Bednarik, Chief Analyst at FXstreet.com, "The downside remains favored as long as [1.2740] resistance holds, with a break below 1.2660 daily low exposing 1.2610 next big support." The EURUSD holds a gentle bid tone at 1.2710 from 1.2702 late Tuesday in New York. Ms. Bednarik identifies EURUSD support levels at 1.2635 and 1.2610, while resistance levels are noted at 1.2740 and 1.2785.
Little data of consequence is on offer today in Asia, so price action will largely be driven by regional bourses and sentiment until euro zone September industrial production data is released in the European session. On the other side of the Atlantic, U.S. advance retail sales for October, PPI and the FOMC minutes will be key event risks for USD.
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