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Forex: EUR/USD finds support at 1.3055, 3-week low

By FXstreet.com,  April 05, 2012, 08:02:00 AM EDT

FXstreet.com (Córdoba) - The Euro continued to weaken against the Dollar on Thursday, falling to a fresh 3-week low, as concerns over the euro zone, with Spain now in the center of attention, prompted investors to sell the shared currency.

After some consolidation, EUR/USD resumed the downside, dropping about 100 pips from daily highs to touch its lowest in 3 weeks at 1.3056 before finding support. At time of writing, the cross is quoting at the 1.3080 zone, where it records a 0.5% loss on the day.

From a technical view, "the bearish tone is strong yet price seems slightly exhausted to the downside, so we may see some upward correction before further falls, with 1.3130 as strong resistance level to cap the upside now", says Valeria Bednarik, analyst at FXstreet.com. "Below today's low, the pair could resume the downside towards 1.2970/1.3000 area".




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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