Back
8 Feb 2013
Forex: EUR/USD fresh lows ahead of the weekly close
The euro took another step lower ahead of the weekend and hit a fresh 2-week low against the dollar, before finding support at the 50% retracement of the 1.2997/1.3710 rise.
EUR/USD came under pressure on Thursday following ECB Draghi's comments, and extended its weakness on Friday, breaking below several support levels to settle below 1.3400 within the last hours.
At time of writing, EUR/USD is trading at the 1.3360 zone, 0.2% below its opening price, after hitting a low of 1.3353. The cross is on track to close the week with a loss of 2.1%, after 2 consecutive gains.
"Persisting negative tone on 4h chart, sees room for further easing, while higher pointing hourly indicators are not expected to produce any more significant recovery, while below 1.3500", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Session high at 1.3428, offers initial resistance, ahead strong 1.3458, 05 Feb low and 1.3500, Fib 61.8% of 1.3576/1.3359 slide".
EUR/USD came under pressure on Thursday following ECB Draghi's comments, and extended its weakness on Friday, breaking below several support levels to settle below 1.3400 within the last hours.
At time of writing, EUR/USD is trading at the 1.3360 zone, 0.2% below its opening price, after hitting a low of 1.3353. The cross is on track to close the week with a loss of 2.1%, after 2 consecutive gains.
"Persisting negative tone on 4h chart, sees room for further easing, while higher pointing hourly indicators are not expected to produce any more significant recovery, while below 1.3500", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Session high at 1.3428, offers initial resistance, ahead strong 1.3458, 05 Feb low and 1.3500, Fib 61.8% of 1.3576/1.3359 slide".