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EUR/USD again below critical Fibonacci level at 1.2780 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik remarks that the sharp increase in Greek yields weighed on European stocks and prompted risk aversion which pushed up the USD.

Key quotes

"High yielders suffered the most, with EUR and GBP losing most of their latest gains and leaving the EUR/USD again below the critical Fibonacci level at 1.2780."

"First round of US data shows jobless unemployment claims fell to a 14 year low bringing some relief across the different boards; nevertheless, American indexes point to open with strong losses, meaning once more, panic will lead currencies."

"Technically the 1 hour chart shows EUR/USD found buyers on an approach to 1.2700, with indicators heading now higher after crossing their midlines to the downside."

"20 SMA stands flat a few pips above the mentioned Fibonacci resistance, while the 4 hours chart shows momentum aiming to regain the upside after correcting overbought readings."

"For now bulls dominate the pair albeit a break below 1.2700 will send market the other way around."

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