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5 Jul 2013
EUR/USD closes out week above 1.2800 barrier
FXstreet.com (New York) - The EUR/USD technical pair has steadied above the 1.2800 barrier Friday, refusing to budge this critical region (1.2806 intraday low) after an earlier plunge.
The EUR/USD has been under extraordinary pressure ever since the release of robust US payroll data earlier, which seemingly capsized the pair and sent it crashing down off the 1.2900 region.
EUR/USD roiled by earlier ECB decision
At the time of writing, the EUR/USD is still operating in negative territory down -0.63%, having settled at 1.2831 in these moments. An earlier drop towards the 1.2806 region Technically speaking, the Mataf.net analyst team has identified supports at 1.2798, ahead of 1.2714 (previously the pair incurred a fall below the 1.2848 support).
EUR/USD looks to target April lows
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has sold off earlier to 1.2885, the 78.6% retracement. This is now exposed and failure here will trigger losses to 1.2796, then the 1.2740 April low. Rallies will have little to no impact while capped by the 1.3068/1.3103 resistance (55 and 200-day moving averages and the high from the 28th June).”
The EUR/USD has been under extraordinary pressure ever since the release of robust US payroll data earlier, which seemingly capsized the pair and sent it crashing down off the 1.2900 region.
EUR/USD roiled by earlier ECB decision
At the time of writing, the EUR/USD is still operating in negative territory down -0.63%, having settled at 1.2831 in these moments. An earlier drop towards the 1.2806 region Technically speaking, the Mataf.net analyst team has identified supports at 1.2798, ahead of 1.2714 (previously the pair incurred a fall below the 1.2848 support).
EUR/USD looks to target April lows
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has sold off earlier to 1.2885, the 78.6% retracement. This is now exposed and failure here will trigger losses to 1.2796, then the 1.2740 April low. Rallies will have little to no impact while capped by the 1.3068/1.3103 resistance (55 and 200-day moving averages and the high from the 28th June).”