FXstreet.com (Barcelona) - The 1.2900 ground is being pressured again on Tuesday, after a risk aversion start of the week. The psychological level is still holding the EUR/USD, though there was a spike to 1.2887 low. However, flows ahead of the NY opening are lifting the pair up to 1.2938, for now.
The German Chancellor Angela Merkel said today that the Eurozone suffers from a confidence crisis and that investors are concerned that it's not being mastered, also with the possibility that some countries don't repay their debts. However, she remains against joint euro-area bonds for now and that EU banking supervision cannot be rushed.
“Loss of momentum, accompanied with negative hourly studies, keeps the downside favored, as 10/20 day EMA bearish crossover pressures”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to first target at 1.2864/54 (4h Ichimoku cloud base / 13 Sep low) and 1.2835 (50% of 1.2500/1.3170), ahead of 1.2826/00 (200 day MA / broken med-term bear-trendline off 1.3485 annual high). On the upside, resistance is at 1.2952 and 1.3000.
The German Chancellor Angela Merkel said today that the Eurozone suffers from a confidence crisis and that investors are concerned that it's not being mastered, also with the possibility that some countries don't repay their debts. However, she remains against joint euro-area bonds for now and that EU banking supervision cannot be rushed.
“Loss of momentum, accompanied with negative hourly studies, keeps the downside favored, as 10/20 day EMA bearish crossover pressures”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to first target at 1.2864/54 (4h Ichimoku cloud base / 13 Sep low) and 1.2835 (50% of 1.2500/1.3170), ahead of 1.2826/00 (200 day MA / broken med-term bear-trendline off 1.3485 annual high). On the upside, resistance is at 1.2952 and 1.3000.
