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Forex: EUR/USD falls on opening

By FXstreet.com,  December 13, 2011, 02:54:00 AM EDT

FXstreet.com (Barcelona) - As the European session opens, new selling pressure found the EUR/USD headed to daily low at 1.3160. The pair seems to be stabilizing at 1.3180 at the moment of writing.

Investors are worried on Europe's possible downgrade by the rating agencies, making it even harder to borrow money on bond auctions. FXstreet.com analyst Ivan Delgado says the bearish sentiment is still on, and that if the pair goes back to 1.3250, it's just a good "opportunity to reinstate short positions".

Falling below 1.3160, Delgado points to 1.3145, then 1.3050/60 and a "large barrier at 1.3000 will be defended". On the upside, supports should be at 1.3220, 1.3250 and 1.3290.




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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