Forex: EUR/USD intensify the downside below 1.2970
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - The single currency is trading deep into the red territory on Thursday, dragged to levels sub 1.2970 after dovish comments by President M.Draghi in his recent press conference.
J.Saettele, Senior Technical Strategist recommends, "After a false break through the trend line that extends off of the September and October highs, the EURUSD us 100 pips off of the high. Many are expecting 'just a dip'& Once again, the market responded to the close of the reversal day (September 17 high). Former resistance at 1.3008 is viewed as potential support but a drop below& 1.2980 would warrant bearish consideration until at least 1.2880".
The cross is reverting weekly gains and is testing late November lows as of writing, losing 0.76% at 1.2966 facing the next support at 1.2969 (low Nov.30) followed by 1.2880 (low Nov.28).
On the flip side, a break above 1.3040 (prior intraday low) would expose 1.3087 (high Dec.6) and finally 1.3127 (high Dec.5).
J.Saettele, Senior Technical Strategist recommends, "After a false break through the trend line that extends off of the September and October highs, the EURUSD us 100 pips off of the high. Many are expecting 'just a dip'& Once again, the market responded to the close of the reversal day (September 17 high). Former resistance at 1.3008 is viewed as potential support but a drop below& 1.2980 would warrant bearish consideration until at least 1.2880".
The cross is reverting weekly gains and is testing late November lows as of writing, losing 0.76% at 1.2966 facing the next support at 1.2969 (low Nov.30) followed by 1.2880 (low Nov.28).
On the flip side, a break above 1.3040 (prior intraday low) would expose 1.3087 (high Dec.6) and finally 1.3127 (high Dec.5).
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