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Forex: EUR/USD holds scope to test bids sub-1.30?

By FXstreet.com,  January 06, 2013, 09:12:00 PM EDT

FXstreet.com (San Francisco) - EUR/USD opened the week unchanged from Friday's close following an overnight bounce from the1.3000 psychological figure, but has since traded down around 40 pips into the 1.3040 area. Valeria Bednarik, Chief Analyst at FXstreet.com offers her outlook on the pair: "Short term bullish, the longer view has turned bearish with 1.3150 now as key level to watch in case of the recoveries, as if price reaches the level yet fails to extend higher, selling pressure may drive the pair sub 1.30 over the next few days."

Asian shares initially traded higher on Monday, supported by data that showed the December US unemployment rate was higher than consensus forecasts, added to the case that the U.S. economy is steady on a path of slow recovery. Japan's Nikkei is now quoted down 0.4% at 10,650.50, Australian shares are down modestly at 0.1% and Hang Sen 40 is now down 0.2%, at 23,289.00.

If the bear pressure persists beyond the 1.30 mark, Ms. Bednarik identifies support at 1.2970, while resistance levels are seen at 1.3090, 1.3120 and 1.3145.




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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