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Forex: EUR/USD bouncing from session lows, around 1.3065/70

By FXstreet.com,  January 08, 2013, 11:17:00 AM EDT

FXstreet.com (Barcelona) - After hitting fresh lows in the boundaries of 1.3060, the single currency has recover some ground and is now back to the 1.3070 region, in a context dominated by the risk-off tone.

J.Saettele, Senior Technical Strategist at DailyFX, suggests "The EURUSD bullish break in early December remains valid as long as price is above 1.2875. Although price failed to reach the trendline that extends off of the 2012 lows, a flat interpretation of price pattern from the December high is valid. An RSI reversal signal is evident on the daily as well. Monday's low is critical to the near term bullish case and estimated resistance is former support at 1.3158".

EUR/USD is now losing 0.39% at 1.3064
Next support levels are located at 1.2998 (low Jan.4) ahead of 1.2996 (low Dec.12) and then 1.2988 (MA55d).
On the upside, a break above 1.3158 (MA21d) would clear the way to 1.3162 (MA10d) and 1.3190 (high Jan.3).




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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