FXstreet.com (Buenos Aires) - The EUR/USD broke below the 1.2288 previous yearly low set past June, and fell as low as 1.2265 so far, bouncing slightly up from the level. The common currency is being hit by risk aversion, reaching levels not seen since July 2010, as stocks nose dive in Europe and the US.
According to Valeria Bednarik, FXstreet.com chief analyst, “Both technical and fundamental views are strongly bearish for the pair, with hourly chart showing indicators heading south while price stands below 20 SMA. Immediate resistance comes at 1.2350 while a test of the 1.2288 low seems inevitable ahead of fresh yearly lows.” She sees now next supports at 1.2250 and 1.2200 area, while former low at 1.2288 will act as short term resistance ahead of 1.2350 price zone.
According to Valeria Bednarik, FXstreet.com chief analyst, “Both technical and fundamental views are strongly bearish for the pair, with hourly chart showing indicators heading south while price stands below 20 SMA. Immediate resistance comes at 1.2350 while a test of the 1.2288 low seems inevitable ahead of fresh yearly lows.” She sees now next supports at 1.2250 and 1.2200 area, while former low at 1.2288 will act as short term resistance ahead of 1.2350 price zone.
