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Forex: EUR/USD makes marginal new low

FXstreet.com (Córdoba) - The euro has continued to move lower versus the greenback and printed fresh lows beneath 1.3100 as the currency weakened in the aftermath of the ECB decision and Draghi's remarks on the feasibility of negative deposit rates.

EUR/USD touched a low of 1.3058 in recent dealings, but the decline seems to have lost momentum as the 21-day SMA offers support. At time of writing, the cross is trading around 1.3070/75, where it records a 0.8% loss on the day, having been rejected from a high of 1.3218.

As for technical levels, if EUR/USD breaks decisively below 1.3060/55, next supports could be found at 1.3000 (psychological level) and 1.2955 (200-day SMA). On the upside, if the shared currency manages to recover ground, it could face resistances at 1.3120 (100-hour SMA), 1.3155 (100-day SMA) and 1.3218 (daily high).

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