Forex: EUR/USD holds negative tone at Tokyo fix
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EUR/USD
FXstreet.com (San Francisco) - EURUSD is under pressure this Wednesday in Asia after a bearish outside day, now breaking to new 3-day lows after stops below 1.2550 were triggered, sliding as low as 1.2525 and finding support at the 100-day EMA.
"The pair has already failed twice to overcome the 1.2620/30 area, which should weight on buyers, pushing them to desist, or at least cover some positions," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "Latest defense for buyers come at the 1.2480 area."
The weakness seen in EURUSD also follows Tuesday's poor U.S. ISM manufacturing report, contributing to investors' search for shelter in the perceived safety of the US dollar.
At the Tokyo fix, shares in Japan and Australia are trading in red, while EURUSD is quoted as session lows around 1.2530. Japan 225 is down 34.01 points, or 0.4% at 8741.50. S&P/ASX 200 is down 11.81 points, or 0.3% at 4291.70.
"The pair has already failed twice to overcome the 1.2620/30 area, which should weight on buyers, pushing them to desist, or at least cover some positions," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "Latest defense for buyers come at the 1.2480 area."
The weakness seen in EURUSD also follows Tuesday's poor U.S. ISM manufacturing report, contributing to investors' search for shelter in the perceived safety of the US dollar.
At the Tokyo fix, shares in Japan and Australia are trading in red, while EURUSD is quoted as session lows around 1.2530. Japan 225 is down 34.01 points, or 0.4% at 8741.50. S&P/ASX 200 is down 11.81 points, or 0.3% at 4291.70.
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