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Forex: EUR/USD clings to 1.3000

The sentiment surrounding the euro remains depressed on Wednesday, although the single currency has managed to leave behind session lows in the area of 1.2985/90 and advance to the region of the 1.3000 handle.

“Initial support is 1.2885/76 – the 7th December low and 78.6% retracement. We have short-term downside target to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low”, writes Karen Jones, Head of FICC Technical Analysis at Commerzbank.

At the moment, the cross is down 0.42% at 1.2996 and a dip beyond 1.2988 (low Mar.6) would open the door to 1.2982 (low Mar.4) and then 1.2966 (2013 low Mar.1).
On the upside, a breakout of 1.3075 (high Mar.5) would expose 1.3080 (MA10d) and then 1.3101 (high Mar.1).

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