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Forex: EUR/USD extends losses on Spain

By FXstreet.com,  May 09, 2012, 05:05:00 AM EDT

FXstreet.com (Barcelona) - The bloc currency has accelerated its downside on Wednesday after Spanish 10-yr benchmark yields are trading above the 6.0% threshold and the CDS are posting fresh 10-day highs. At the same time, and helping the increasing buzz circling Spain, EU President Van Rompuy was on the wires affirming that the country has not asked for any help (…yet).

EUR/USD is now losing 0.17% at 1.2970 with the next support levels located at 1.2956 (low May 7) ahead of 1.2954 (61.8% of 1.2624-1.3487) then 1.2931 (low Jan.25) y 1.2900
On the upside, a breakout of 1.3067 (hourly high May 8) would expose 1.3073 (high May 7) then 1.3080 (low May 4) and 1.3117 (MA100d).




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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