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Forex: EUR/USD falls below 1.3150

By FXstreet.com,  May 02, 2012, 07:46:00 PM EDT

FXstreet.com (Barcelona) - EUR/USD is near session lows at the moment at 1.3148 retreating from NY session highs late in the session around 1.3166, after bounced around day lows 1.3121 following the sell-off during the European morning with the weak data coming out. The pair is lower by -0.68% since yesterday's Asia-Pacific open, with Tokyo today closed for holiday.

As Valeria Bednarik, Chief Analyst at Fxstreet.com, notes: "The hourly chart shows price below a bearish 20 SMA, while indicators hold in negative territory; in the 4 hours chart, price broke below the base of the daily ascendant channel and 200 EMA, while indicators turn flat below their midlines, all of which supports further slides ahead of ECB meeting this Thursday. Key static support to break comes now at the 1.3110 area," Valeria points out.

Support levels are seen at: 1.3135 1.3110, and 1.3070, while resistance levels come at: 1.3170 1.3200, and 1.3245.




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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