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EUR/USD falls to fresh lows

FXstreet.com (Córdoba) - The euro continues to weaken versus the dollar and has dropped to fresh daily lows in recent dealings, as investors assess Bernanke's mixed signals on QE. Also contributing to the slide is Spanish PM Rajoy, who said he can't rule out Spain banks may need more money.

EUR/USD rallied to the 1.3000 area at the beginning of Bernanke testimony, but then slumped to a low of 1.2850 as Fed Chairman dialed down the dovish tone. EUR/USD is currently trading at the 1.2860 area, where it records a 0.3% loss on the day.

On the downside, immediate support is seen at 1.2840 (low May 21), followed by 1.2795 (low May 17), while on the upside, resistances could now be found at 1.2910 (200-hour SMA) and 1.2960 (intraday level) ahead of 1.3000.

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