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Forex: EUR/USD bounces from 1.3035 and trims losses

By FXstreet.com,  January 09, 2013, 12:46:00 PM EDT

FXstreet.com (Córdoba) - The euro bounced from a fresh 2-day low of 1.3035 during the American session, underpinned by the rise in US stocks that are trading positively after a 2-day slide.

Despite downbeat comments from Portugal's secretary of state, the EUR/USD managed to move off lows and recently printed a session high of 1.3078. At time of writing, EUR/USD is quoting at the 1.3060 zone, still 0.1% below its opening price.

"Given the fact that the EURUSD has extended through on a break below 1.3100, declines are expected to continue towards support via the 1.3000 round figure", says Richard Lee, analyst at FXstreet.com. "Further penetration lower would activate support barriers lower at 1.2937 and 1.2908. Conversely, any upside potential remains contingent on the major pair's ability to violate the 1.3200 psychological figure".




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

Referenced Stocks:



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