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12 Jul 2013
EUR/USD falls to fresh daily lows
FXstreet.com (Córdoba) - Despite a short-lived recovery attempt, the EUR/USD resumed the decline and hit fresh lows ahead of the New York opening.
EUR/USD nears 1.3000
EUR/USD has dropped over 70 pips throughout the day and recently printed a low of 1.3023 as the greenback trims last days' losses. At time of writing, EUR/USD is trading at the 1.3030/35 zone, where it records a 0.5% loss on the day.
However, EUR/USD remains in a consolidative phase within 1.3000 and 1.3200 after the sharp rally seen on Wednesday amid uncertainty over the timing of the Fed's exit strategy.
EUR/USD waverer within 1.3000 and 1.3100
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that only steady gains above 1.3100 will favor an upward continuation for EUR/USD, eyeing then the weekly high of 1.3205.
"As for the downside, buying interest is aligned between 1.3000 and 1.3030, so only a break below the key psychological support will deny the possibility of a recovery and see the pair falling further, with 1.2950 and 1.2920 as next bearish targets", Bednarik added.
EUR/USD nears 1.3000
EUR/USD has dropped over 70 pips throughout the day and recently printed a low of 1.3023 as the greenback trims last days' losses. At time of writing, EUR/USD is trading at the 1.3030/35 zone, where it records a 0.5% loss on the day.
However, EUR/USD remains in a consolidative phase within 1.3000 and 1.3200 after the sharp rally seen on Wednesday amid uncertainty over the timing of the Fed's exit strategy.
EUR/USD waverer within 1.3000 and 1.3100
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that only steady gains above 1.3100 will favor an upward continuation for EUR/USD, eyeing then the weekly high of 1.3205.
"As for the downside, buying interest is aligned between 1.3000 and 1.3030, so only a break below the key psychological support will deny the possibility of a recovery and see the pair falling further, with 1.2950 and 1.2920 as next bearish targets", Bednarik added.