OctaFX | OctaFX Forex Broker
Open trading account

Forex: EUR/USD extends losses to fresh 7-week low

The shared currency has extended its decline versus the dollar, as the US currency continues to capitalize risk-off flows. EUR/USD broke below the 1.3000 mark at the beginning of the New York session and has been moving steadily to the downside ever since.

EUR/USD is currently trading at the 1.2980 area, where it records a 0.5% daily loss, having scored a fresh 2 ½-month low of 1.2966 in recent dealings.

From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds a bearish tone, with room to extend the fall. According to the analyst, a clear break below 1.2980 will focus next big support at 1.2880. Meanwhile, the analyst locates short term supports at 1.2940 and 1.2900, while resistances are seen at 1.3010, 1.3050 and 1.3090.

Fundamental Afternoon Wrap: What happened to the sequester?

This weeks final institutional research wrap sees a focus on the weak European PMIs and a surprising lack of content on the US sequester which looks set to come into play. Elsewhere, GBP/USD looks set to continue its nose dive, with 1.40 looking like a viable target.
Read more Previous

Forex: GBP/USD testing the 1.5000 support

The GBP/USD pounding has not abated during European trading, falling below the 1.5000 level (1.4985 intraday minimum), albeit briefly during the American session Friday. At the time of writing, the pair is testing the 1.5000 level, having fallen over -1.03% off its opening.
Read more Next
Start livechat