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Forex: EUR/USD falls to fresh lows

FXstreet.com (Córdoba) - Despite a recovery attempt, the euro remains under pressure against the greenback, with the pair posting fresh lows at the beginning of the New York session.

EUR/USD bounced from the 200-day SMA around 1.2975, but the recovery was capped by the 1.3015 area, forcing the pair to resume the downside. EUR/USD has extended losses to a fresh 2-week low of 1.2957 and it is currently trading around 1.2965, 0.5% below its opening price.

"In the short term, 1.2920 and 1.2880 are today's bearish target", said Valeria Bednarik, chief analyst at FXstreet.com. "While once below 1.2880, there's scope for a retest of 1.2660, November 2012 monthly low".

"A steady recovery above 1.3050 will deny the negative short term bias, and see buyers aiming to recover the 1.3110/20 price zone, while above this last, the 1.3190/1.3225 area comes next", Bednarik added. "However, I won't be expecting much of Euro gains for the days ahead".

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