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EUR/USD pierces 1.2900

FXstreet.com (Barcelona) - The bearishness around the shared currency is accelerating on Tuesday, dragging the pair below the key support at 1.2900.

“The euro continues to remain relatively stable in the near-term with heightened investor expectations of the Fed tapering QE weighing only modestly upon EUR/USD”, commented Lee Hardman, Currency Analyst at BTMU. Next on tap in the euro area, Italy will try to sell up to €3.5 billion of bonds maturing in 5 and 10 years.

At the moment, the pair is down 0.17% at 1.2908 and a breach of 1.2821 (low May 23) would expose 1.2809 (low May 20) and then 1.2796 (low May 17). On the flip side, resistance levels align at 1.2939 (hourly high May 28) followed buy 1.2986 (MA21d) and then 1.2994 (high May 24).

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