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Forex: EUR/USD drops to 1.3082 ahead of US ADP employment

By FXstreet.com,  January 03, 2013, 07:53:00 AM EDT

FXstreet.com (Barcelona) - The EUR/USD extended its losses to more than 100 pips range today as the European session plunge from 1.3170 failed to hold at the 1.3100 psychological level, allowing the pair to drop further to 1.3082 low.

Comments made by IMF's spokesman Gerry Rice about the US debt ceilling triggered such reaction. Rice warned that the US government has to do better to put its public finances back on a sustainable path. European equities and US futures are also in profit taking mode.

The EUR/USD has bounced back to the 1.3100 zone. MIG Bank analysts already expected further short-term weakness after a break below 1.3191 (intraday high): "Supports are given by the rising trendline and 1.3041 (13/12/2012 low)", wrote analyst Bijoy Kar, pointing to 1.3308 as resistance.




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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