Forex: EUR/USD prints third weekly loss in a row

FXstreet.com (Córdoba) - After hitting a fresh 2-month low of 1.2689, the euro managed to trim part of its steep losses during the American session after an upbeat US consumer confidence report, and spent most of the session hovering just above 1.2700.

However, this week EURUSD finally broke its 2-month range to the downside, turning the near-term outlook pretty bearish. Currently, EURUSD is trading at the 1.2715 area, on track to close the week with a net loss of 0.8%, the third decline in a row, weighed by lingering worries about Spain and Greece.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com recently commented that ""immediate support and probable next target comes around 1.2650 price zone, while once below, next level comes at 1.2610, 50% retracement of 1.2040/1.3170. The upside now, should remain capped by 1.2740 price zone".