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Forex: EUR/USD below 1.3000, hits fresh 2013 low

The euro extended losses versus the greenback and finally broke below the 1.3000 psychological level and the 1.2997 which was until minutes ago the 2013 low scored back in January.

EUR/USD triggered stops on the break and accelerated toward a low of 1.2985, last seen Dec 11. The shared currency came under renewed pressure on Friday after Italy reported weaker-than-expected PMI and amid broad aversion for risk.

At time of writing, EUR/USD is trading around 1.2990, 0.5% below its opening price. Next support is now seen at 1.2929 (Dec 11 low), followed by 1.2900 (psychological level). On the upside, the 1.3000 area should offer some resistance ahead of 1.3050 (former support area) and 1.3100 (intraday high/ 100-hour SMA).

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