Forex Flash: EUR/USD with support at 1.3060 – TD Securities

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FXstreet.com (Barcelona) - The EUR/USD is falling despite the better than expected German unemployment report as there are bigger issues at the moment, according to market reaction. The US debt ceilling is concerning investors: "US fiscal issues are still the biggest topic of discussion, but with a shift from what has been achieved to what challenges lie ahead, the market tone has shifted as well", wrote analysts Shaun Osborne and Greg Moore.

Technical developments appear to have been the clearest EUR driver in recent weeks/months, which have been broadly positive (along with a market that was overly short). The overnight selloff, however, was a notable dent to the near term outlook", they added, pointing out that the neutral range got broken as the price action went below 1.3150 and the November/January trend support at 1.3115. "From here the next key level appears to be 38.2% retracement of the November/December rally, at 1.3060", wrote the TD Securities analysts.



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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