Forex: EUR/USD plummets to the 1.2320 region

FXstreet.com (Barcelona) - EUR is recovering some ground after diving to the area of 1.2320 from levels above 1.2360 after German official has poured cold water on bulls' hopes, saying that any decision involving Greece must wait for a full troika report, coming in the following weeks, and that Greece couldn't buy more time to fulfill its commitments. In the same direction, German lender Bundesbank has expressed its concerns regarding the ECB SMP plan, adding to the bearishness.

Data wide, EU Construction Output in June has contracted 0.5% MoM and 2.8% over the last twelve months.

EURUSD is now losing 0.12% at 1.2324 with the immediate support at 1.2321 (low Aug.20) ahead of the psychological level at 1.2300 then 1.2288 (low Aug.17) and 1.2275 (MA30d).
On the flip side, a breakout of 1.2382 (high Aug.17) would bring 1.2388 (high Aug.9) then 1.2402 (high Aug.8) and 1.2430 (Upper Bollinger).