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Forex: EUR/USD correction stalls ahead of 1.2800

By FXstreet.com,  May 20, 2012, 07:44:00 PM EDT

FXstreet.com (San Francisco) - EUR/USD bounced from a 4-month low of 1.2641 on Friday and closed the NA session at 1.2774 vs. 1.2697, recording a daily gain for the first time in 5 days.

In the week ahead, focus will again remain on the Eurozone as fears over Greece and Spain will likely take center stage this week.

Should the bullish correction extend above 1.2810, the pair may likely attempt to extend near 1.2860 over the next few sessions, says Valeria Bednarik, Chief Analyst at FXstreet.com.

To the downside, "The area between 1.2700/20 will likely offer enough support in case of slides, and only a clear break below will push the pair back towards the 1.2640 past week low," comments Ms. Bednarik. EUR/USD last trades at 1.2765 as it operates between 1.2747/1.2782 ahead of the Tokyo fix.




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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