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Forex: EUR/USD back below 1.2700

By FXstreet.com,  May 07, 2010, 10:26:00 AM EDT

FXstreet.com (Barcelona) - Euro recovery from yesterday's low at 1.2520 has been capped on Friday at 1.2800, and the pair pulled back, breaking below 1.2700 after the release of NFP figures, to reach 1.2640 on early US session.

Indicators have turned bearish, according to by Valeria Bednarik, technical analyst at FXstreet.com suggesting further declines: "Having tested the 1.2680 area, 20 SMA in the hourly chart, also 23.6% of the same rally, hourly indicators turned bearish suggesting further falls to come if pair loses mentioned resistance area. Only a clear confirmation above today's high, can change intraday view."

Support levels, below 1.2680, lie at 1.2650 and 1.2620, according to Bednarik. On the upside, resistance levels lie at 1.2745, 1.2800 and 1.2840.




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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