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Forex - EUR/USD lower for third day as debt fears weigh

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Forex Pros - The euro was down against the U.S. dollar for a third day on Wednesday, amid renewed concerns over euro zone sovereign debt ahead of a European summit meeting, due to be held on Friday.

EUR/USD hit 1.3873 during late Asian trade, the daily low; the pair subsequently consolidated at 1.3901, dipping 0.03%.

The pair was likely to find support at 1.3742, the low of March 3 and resistance at 1.3988, Tuesday's high.

Heads of state from the 17-nation single currency bloc were to meet to discuss a comprehensive pact that to attempt to overhaul the euro zone economies and try to avert a future debt crisis. However, analysts expected the meeting to yield little in the way of concrete results.

The dollar also found support as oil prices retreated, lessening concerns over the impact of higher energy costs on the global economic recovery.

The euro was also lower against the pound, with EUR/GBP slipping 0.11% to hit 0.8593.

Later in the day, Portugal was expected to hold an auction of government debt, while Germany was to publish official data on industrial production.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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