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8 Jul 2013
EUR/USD pushed against 1.28 support
FXstreet.com (Barcelona) - The EUR/USD foreign exchange rate is last trading at 1.2817 bids, off recent interbank premarket session lows at 1.2808, and slightly above Friday's fresh 7-week lows barely above the 1.28 handle.
EUR/USD with scope for further falls
According to FXWW founder Sean Lee, “This pair has been in range trading mode for an extended period and is currently sitting right on weekly trendline support. The market has turned irrationally bullish on the USD and with EUR/USD positioning at relatively low levels, there is still scope for further falls.”
EUR/USD key technical levels
Immediate support to the downside for EUR/USD lies at mentioned recent session/Friday's lows 1.2807/04, followed by May 17 lows at 1.2793, and April 01 lows at 1.2768. To the upside, closest resistance shows at current levels as May 23 lows 1.2820, followed by May 29 lows at 1.2836, and Friday's NY session highs at 1.2845.
EUR/USD with scope for further falls
According to FXWW founder Sean Lee, “This pair has been in range trading mode for an extended period and is currently sitting right on weekly trendline support. The market has turned irrationally bullish on the USD and with EUR/USD positioning at relatively low levels, there is still scope for further falls.”
EUR/USD key technical levels
Immediate support to the downside for EUR/USD lies at mentioned recent session/Friday's lows 1.2807/04, followed by May 17 lows at 1.2793, and April 01 lows at 1.2768. To the upside, closest resistance shows at current levels as May 23 lows 1.2820, followed by May 29 lows at 1.2836, and Friday's NY session highs at 1.2845.