FXstreet.com (Barcelona) - Since the pair dropped yesterday to erode the 6 week uptrend, attention is now on key short term support at 1.2823/1.2750 (the 200 day moving average and the 3 month uptrend). “Technical indicators are starting to turn more negative, failure to hold 1.2750 would see the market under increasing downside pressure to sell off to 1.2605 then 1.2472, the 50% and 61.8% retracements of the move seen since July”, wrote analyst Karen Jones, unable to rule out a re-challenge of 1.3072 and possibly the 1.3173/77 band (recent high and the Fibonacci retracement/78.6% retracement of the move seen this year) while above 1.2750.
EUR/USD May 18 at 19:14 GMT
1.2838/40 (0.01%)
H1.2844 L 1.2836
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
