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Forex: EUR/USD capped below 1.2840

Posted
3/28/2013 11:07:00 PM
By: FXstreet.com
Referenced Stocks:

FXstreet.com (Barcelona) - EUR/USD spiked in early Tokyo trade to fresh session highs at 1.2837 on the back of a USD move lower across the board, last trading at 1.2828, slightly off those mentioned session highs. The pair has managed to recover above the 1.2800 handle despite all the bad news surrounding the Euro land at the moment, printing a double low at the 1.2750 price area, following yesterday's soft German jobs data.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com:EUR/USD " hourly chart showing indicators losing momentum and approaching their midlines, after the pair found sellers in the 1.2840 area immediate resistance," the analyst notes, adding: "In the 4 hours chart technical readings maintain the bearish tone, as indicators turn south below their midlines, and 20 SMA capped the upside around mentioned high. While low volume will likely keep the pair ranging this Friday, the downside continues to be favored, with a break below 1.2790 pointing to a test of 1.2730 price zone," she concludes.

Valeria finds support levels at: 1.2790, 1.2760 and 1.2730, while resistance levels at: 1.2840, 1.2880 and 1.2910.