FXstreet.com (Córdoba) - After failure to make a decisive move above the 1.2300 level during the Asian session, the euro resumed the downside against the greenback, and weighed by Merkel expressing doubts about the 'European project', it fell to a low of 1.2215.
However, the EUR/USD found support at that level, and following a consolidation stage, it bounced toward the 1.2260 area into the North American open. At time of writing, the pair is quoting at the 1.2255/60 zone, still 0.3% below its opening price.
From a technical point of view, "negative hourly studies and indicators on 4h chart pointing lower, with price action moving below 20/55 EMA, seeing potential for further weakness", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Loss of 1.2200 to open 1.2188/74, ahead of key ones at 1.2161/50, loss of which to resume longer-term downtrend".
"At the upside, today's intraday low and 20/55 day EMA's crossover at 1.2265, offer strong barrier, ahead of key 1.2300/15 zone", he says.
However, the EUR/USD found support at that level, and following a consolidation stage, it bounced toward the 1.2260 area into the North American open. At time of writing, the pair is quoting at the 1.2255/60 zone, still 0.3% below its opening price.
From a technical point of view, "negative hourly studies and indicators on 4h chart pointing lower, with price action moving below 20/55 EMA, seeing potential for further weakness", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Loss of 1.2200 to open 1.2188/74, ahead of key ones at 1.2161/50, loss of which to resume longer-term downtrend".
"At the upside, today's intraday low and 20/55 day EMA's crossover at 1.2265, offer strong barrier, ahead of key 1.2300/15 zone", he says.
