OctaFX | OctaFX Forex Broker
Open trading account

EUR/USD bears mercilessж 1.2860 support is sight

FXStreet (Moscow)- EUR/USD bulls lifted the pair towards 1.2900 resistance, but failed to get it higher during early Asian hours and dipped to current session low of 1.2867. Strong dollar sentiments weigh upon market developments.

No mercy for EUR bulls

EUR/USD has been sliding along its downward spiral for some time now. The single currency broke below psychologically important 1.2900 support level and moved further to the South It seems that the bearish movement has become self-fulfilling and we might see more EUR weakness this week despite nearly empty economic calendar. Actually, fundamental factors lost their market moving power when the ECB cut rates and announced bond buying program launch. Now everything depends on speculative sentiments and technical aspects. Later during the day the downside may continue towards 1.2860. If it is broken, the downside will accelerate towards the area of strong demand at 1.2840/50. The upside is likely to be limited by 1.2900.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2912, with support below at 1.2864, 1.2833, and 1.2785, with resistance above at 1.2943, 1.2991 and 1.3022. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3089 and the daily 20EMA bearish at 1.3168. Hourly RSI is bearish at 27.

EUR/USD: Short-covering bounces to be modest - Westpac

According to Westpac FX Strategists, short-covering bounces in EUR/CHF are likely to be modest, also noting that their one month target is set at 1.2750.
Read more Previous

Asia Recap: USD continues its relentless rise

Asian traders saw repeat of the dominant theme currently at play, that is, USD strength across the board, overwhelming all its rivals, with the Yen again the weakest currency.
Read more Next
Start livechat