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EUR/USD off lows, still vulnerable

FXStreet (Córdoba) - EUR/USD retraced completely yesterday’s gains and fell more than a full cent throughout the European session on the back of disappointing Eurozone data releases. However, the pair found support at the low 1.26’s and is staging a mild recovery from lows.

EUR/USD scored a daily low of 1.2639 as the dollar benefited from the risk-off environment but found support and bounced toward the 1.2680 zone. At time of writing, the pair is trading at the 1.2665 zone, still 0.67% below its opening price.

EUR/USD technical outlook


According to Valeria Bednarik, chief analyst at FXStreet, short-term indicators present a strong bearish tone, “yet a break below 1.2620, Monday low, is required to confirm further slides on the day”.

Bednarik locates immediate support levels at 1.2620, 1.2570 and 1.2520. On the other hand, she places resistances at 1.2700, 1.2745 and 1.2790.

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