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Forex: EUR/USD threatening 1.2800

FXstreet.com (Barcelona) - The bearishness surrounding the single currency is picking up pace on Wednesday, dragging the cross to fresh 2013 lows in the area of 1.2800/10 and challenging the key support at 1.2800

Analyst Kit Juckes at Societe Generale commented, “Anger at the treatment of Cypriot depositors won’t abate and the damage to confidence in the financial system and Europe’s leaders is done. Just because markets are in ranges doesn’t mean things have improved. Eur/Usd is going to go on meandering slowly towards 1.20, and equally clearly we could see some short-covering at some stage but the back story is still awful”.

As of writing, the cross is losing 0.38% at 1.2806
A penetration of 1.2730 (low Nov.19) would aim for 1.2662 (low Nov.13).
On the upside, the immediate hurdle sits at 1.2927 (MA10d) followed by 1.3050 (high Mar.25) and finally 1.3107 (high Mar.15).

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