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Forex: EUR/USD bounces from below 1.2300

By FXstreet.com,  August 20, 2012, 10:24:00 AM EDT

FXstreet.com (Córdoba) - Headlines flow over the ECB bond-buying plans and the subsequent opposition and denial has left the euro wavering inside its recent range, lacking clear direction.

After being rejected by the 1.2370 zone, the EUR/USD fell over 70 pips and dipped briefly below the 1.2300 mark as the ECB said Der Spiegel report was "absolutely misleading". EUR/USD touched a low of 1.2294 before bouncing and it is currently trading around 1.2320, 0.3% below its opening price.

From a technical perspective, Valeria Bednarik, analyst at FXstreet.com says that the hourly chart holds a bearish tone, while in the 4 hours chart the picture is sideways. "However, the downside seems favored".

Bednarik sees next supports at 1.2280, 1.2250 and 1.2220, while she locates immediate resistances at 1.2330, 1.2370 and 1.2410.




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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