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27 Mar 2013
Forex: EUR/USD intensify its decline
FXstreet.com (Barcelona) - The increasing pessimism and risk aversion are dragging the cross to the area of 1.2770/75 on Wednesday, levels last seen in late November.
Recent comments by German officials arguing that there is ‘no single model for all cases’ regarding the crisis whipping the euro zone are adding to the selling pressure.
In the same direction, P.L.Bersani’s attempts to form some sort of government in Italy seem to be doomed after 5-Star party leader B.Grillo has rejected any coalition with the rest of the political parties.
At the moment, the cross is losing 0.61% at 1.2777 and a violation of 1.2730 (low Nov.19) would open the door to 1.2662 (low Nov.13) and finally 1.2627 (low Sep.7).
On the upside, resistance levels line up at 1.2922 (MA10d) followed by 1.3050 (high Mar.25) and then 1.3107 (high Mar.15).
Recent comments by German officials arguing that there is ‘no single model for all cases’ regarding the crisis whipping the euro zone are adding to the selling pressure.
In the same direction, P.L.Bersani’s attempts to form some sort of government in Italy seem to be doomed after 5-Star party leader B.Grillo has rejected any coalition with the rest of the political parties.
At the moment, the cross is losing 0.61% at 1.2777 and a violation of 1.2730 (low Nov.19) would open the door to 1.2662 (low Nov.13) and finally 1.2627 (low Sep.7).
On the upside, resistance levels line up at 1.2922 (MA10d) followed by 1.3050 (high Mar.25) and then 1.3107 (high Mar.15).