Back
1 Apr 2013
Forex: EUR/USD falls to 1.2780, new session low
FXstreet.com (Barcelona) - The EUR/USD is sliding in the Asian session, down over 30 pips from an open at 1.2810 to currently stall the fall around 1.2780. On the downside, no clear area of demand is seen until 1.2770, as per rise from March 28 mid European session - although not fresh -, while on the upside, 1.28/2810 sees new fresh supply area created on recent dip.
As for the short term technical point of view, Valeria Bednarik, chief analyst at FXstreet.com, notes: "The downside remains favored, with 1.2720/30 area at sight, as per being a strong static support level. Once below this last, there’s little in the middle for a ride towards 1.2660 November low. Recoveries up to 1.2880 will provide selling opportunities."
A second opinion is shared by Fan Yang, CMT, chief analyst at FXTimes: "At this point, a return above 1.29 might neutralize the bearish outlook in the near-term. However, the downside risk has room toward the next key support in the 1.2660-1.2680 area, which includes support factors: 1) 61.8% retracement and 2) Nov. support pivot."
As for the short term technical point of view, Valeria Bednarik, chief analyst at FXstreet.com, notes: "The downside remains favored, with 1.2720/30 area at sight, as per being a strong static support level. Once below this last, there’s little in the middle for a ride towards 1.2660 November low. Recoveries up to 1.2880 will provide selling opportunities."
A second opinion is shared by Fan Yang, CMT, chief analyst at FXTimes: "At this point, a return above 1.29 might neutralize the bearish outlook in the near-term. However, the downside risk has room toward the next key support in the 1.2660-1.2680 area, which includes support factors: 1) 61.8% retracement and 2) Nov. support pivot."