Forex Flash: EUR/USD dips below 1.2800; firm support noted at 1.2770 - FXWW

FXstreet.com (San Francisco) - EURUSD started the new day above 1.2800 after gaining 0.6% on Monday, but has fallen back below the figure in early Asia after the ratings agency Moody's downgrades France from Aaa to Aa1, last quoted around 1.2780 after touching an intraday low of 1.2775. "Intraday support levels should be very firm near 1.2770 and resistance levels are at 1.2840, 1.2855 and getting stronger near 1.2875/80," says Sean Lee, founder of FXWW. "Much of the EUR-focus is still on the cross pairings," he notes.

EURJPY is also under pressure at the time of writing, having traded back down to levels below 104.00, last at 103.90. "EURJPY will again be a major focus with important technical resistance looming near 104.80," comments Mr. Lee.