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EUR/USD falls below 1.2900

FXstreet.com (Córdoba) - The EUR/USD extended its decline and broke below the 1.2900 mark in recent dealings as better-than-expected US consumer confidence reinforced the view that the Fed could taper bond buys and triggered an USD rally.

EUR/USD lost almost 60 pips after the data and hit a 5-day low of 1.2855 before slowing the slide. At time of writing the pair is trading at the 1.2860 area, recording a 0.5% loss on the day, having been as high as 1.2950 at one stage.

If EUR/USD loses the 1.2855/50 area, next supports could be faced at 1.2820 (May 23 low) and 1.2800 (psychological level). On the other hand, resistances in case of bounces might now be faced at the 1.2880 zone (former support) and 1.2950 (daily high).

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