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EUR/USD finds support ahead of 1.2700

FXStreet (Córdoba) - EUR/USD came under renewed pressure and fell to fresh daily lows at the beginning of the American session after US GDP for the second quarter was upwardly revised (4.6%from 4.2%) as expected.

EUR/USD dropped and hit a low of 1.2710 where buyers helped to contain the slide ahead of the psychological level and its 22-month low of 1.2696 scored Thursday. EUR/USD however, remains vulnerable and on track to post its eleventh weekly loss in a row amid diverging monetary policies outlooks between US and the Eurozone.

EUR/USD technical perspective

“Short term, the EUR/USD 1 hour chart shows price extending below its 20 SMA and momentum heading lower into negative territory, albeit RSI bounces from oversold levels”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the overall technical stance remains clearly bearish, with a break below 1.2700 required to confirm a new downward movement towards 1.2660 price zone”.

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