Back
9 Jul 2013
EUR/USD bottoms out at 1.2760 region
FXstreet.com (New York) - The EUR/USD foreign exchange rate recently hit bedrock at the 1.2762 level (intraday low), on the back end of a debilitating collapse that took the pair below critical supports.
At the time of writing, the EUR/USD is now trading at 1.2710, now incurring a sizable loss of -0.77% during US trading Tuesday. The genesis for the drop has been difficult to pinpoint, though a general risk aversion sent currencies into a maelstrom recently – propagated in part by a gloomy IMF forecast.
EUR/USD technical bias
“The EUR/USD failed to hold over 1.2800, as it previously bounced from the 1.2793 gentle sloping support line drawn from the November 2012 low to the 2013 lows. We have a 13 count on the 240-minute chart and the market could likely to see more of a corrective rebound over the next couple of days.” suggests Analyst Karen Jones at Commerzbank.
According to Valeria Bednarik, an analyst at FXstreet.com, “The the short-term EUR/USD hourly chart maintains a neutral stance, with indicators mostly flat, although a slightly bearish tone is present. The recent low of 1.2840 and the critical short-term support of 1.2795 have been breached thus far, which signals an extreme weakness in the pair.”
At the time of writing, the EUR/USD is now trading at 1.2710, now incurring a sizable loss of -0.77% during US trading Tuesday. The genesis for the drop has been difficult to pinpoint, though a general risk aversion sent currencies into a maelstrom recently – propagated in part by a gloomy IMF forecast.
EUR/USD technical bias
“The EUR/USD failed to hold over 1.2800, as it previously bounced from the 1.2793 gentle sloping support line drawn from the November 2012 low to the 2013 lows. We have a 13 count on the 240-minute chart and the market could likely to see more of a corrective rebound over the next couple of days.” suggests Analyst Karen Jones at Commerzbank.
According to Valeria Bednarik, an analyst at FXstreet.com, “The the short-term EUR/USD hourly chart maintains a neutral stance, with indicators mostly flat, although a slightly bearish tone is present. The recent low of 1.2840 and the critical short-term support of 1.2795 have been breached thus far, which signals an extreme weakness in the pair.”