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Forex: EUR/USD consolidates losses below 1.3000

The single currency remains under heavy pressure on Friday, as the risk-off tone is swelling relentlessly amongst market participants.

“Initial resistance is now seen near 1.3050. While the $1.30 area is thought to contain option structures, which may make it a bit sticky, the next technical objective we have suggested is the 1.2880 area and we note the 200-day moving average is near 1.2845”, commented analysts at Brown Brothers Harriman.

At the moment, the pair is down 0.55% at 1.2984 facing the next support at 1.2929 (low Dec.11) ahead of 1.2910 (76.4% of Nov.-Feb. rise) and then 1.2881 (low Dec.10).
On the flip side, a surpass of 1.3060 (61.8% Fibo) would expose 1.3101 (high Mar.1) and finally 1.3163 (high Feb.28).

Forex Flash: Measuring the euro’s true performance – UBS

With regards to the EUR, the currencies that it actually truly outperformed all had idiosyncratic reasons for falling on their own accord. “Take NOK and CAD for example - risk currencies which have not done well in what has generally been a risk-on environment – both of their central banks have taken a clear turn towards the dovish side this year and growth is set to disappoint strongly.” suggests Research Analyst Gareth Berry at UBS.
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Forex: USD/CAD falls below 1.0300

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