EUR/USD downside movement continues early Wednesday, with the pair nearing 1.3000 at the time being. News in Europe have been so far pretty disappointing, with Greece struggling to meet Troika’s targets through more cuts, and German lawmakers proposing ECB should only supervise troubled banks, and not the all region ones. BOE Minutes also shown that despite the unanimous vote to keep economic policy unchanged, more facilities are still in the table in the UK. Market euphoria begins to turn into fear, and the dollar advances across the board.
The EUR/USD 4 hours chart shows price halted in the key 1.3080 resistance level during the Asian session, and heads now for fresh weekly lows as indicators gains bearish tone below their midlines, which supports further slides: 1.3000 is a key psychological level to break and if below, next target comes in the short term at 1.2930, 61.8% retracement of this year fall.
To the upside, only steady gains above 1.3090 can reverse intraday bearish tone, and see the pair attempting a recovery towards the 1.3140/60 price zone.
Valeria Bednarik was key speaker at the FXStreet International Traders Conference in October 2009 - Barcelona.
Valeria Bednarik has been an active trader since 2003, specializing in the International Foreign Exchange Market.
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