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Forex: EUR/USD at 2-day lows

By FXstreet.com,  January 09, 2013, 07:52:00 AM EDT

FXstreet.com (Córdoba) - In another quiet session, the euro edged a tad lower versus the greenback and recently printed a fresh 2-day low, weighed by worse-than-expected German industrial data. EUR/USD slid to a low of 1.3044 ahead of the NY opening, and presently trades at the 1.3050 zone, down 0.2% on the day.

Still investors remain in a wait-and-see mode ahead of the ECB monetary policy decision on Thursday, although no big decisions are expected. From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that it seems supply and demand are balanced at current levels, as indicators in 4-hour charts present a neutral stance. "However, the bearish tone persists in smaller time frames… further losses could be seen once below 1.3050, targeting the 1.2990/1.3000 price zone. If below this last, 1.2950 is next".

"The upside is being caped by 1.3100/10 and only clear break above this last will deny the downside and favor a recovery towards 1.3150/70 price zone", Bednarik adds.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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