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May 9, 2013
Forex: EUR/USD smashed by USD/JPY rally
FXstreet.com (Córdoba) - Following a timid recovery, EUR/USD resumed the downside and slumped to fresh weekly lows as the greenback rallies across the board, accomplishing impressive gains versus the yen and the franc.
Even though the pair was initially supported by cross buying, EUR/USD finally surrendered and fell below its post-NFP low, printing a trough of 1.3051. At time of writing, the cross is trading around 1.3055, recording a 0.7% loss on the day.
Immediate support levels now lie up at 1.3030 (low May 2) followed by 1.3000 (psychological level). The 1.3110/15 should hold bounces for now, followed by 1.3175 (daily high).
Even though the pair was initially supported by cross buying, EUR/USD finally surrendered and fell below its post-NFP low, printing a trough of 1.3051. At time of writing, the cross is trading around 1.3055, recording a 0.7% loss on the day.
Immediate support levels now lie up at 1.3030 (low May 2) followed by 1.3000 (psychological level). The 1.3110/15 should hold bounces for now, followed by 1.3175 (daily high).