FXstreet.com (Barcelona) - The single currency has quickly left behind the 1.2600 mark and is extending its decline on Monday, trading beyond the 38.2% Fibo retracement of the risk-rally after the EU Summit last week.
Mixed PMI results in some euro members coupled with a higher unemployment rate in the euro zone during May – 11.1% vs. 11.0% - and negative comments regarding that Finland and the Netherlands will not support ESM bond purchasing have added to the general bearishness and dragged the EUR to fresh lows.
At the moment, the cross is down 0.65% at 1.2594 facing the next support at 1.2567 (MA10d) ahead of 1.2555 (MA21d) then 1.2552 (hourly low Jun.29) and 1.2433 (low Jun.29).
On the upside, a breakout of 1.2693 (high Jun.29) would open the door to 1.2706 (Upper Bollinger) then 1.2708 (high Jun.21) and 1.2748 (high Jun.18).
Mixed PMI results in some euro members coupled with a higher unemployment rate in the euro zone during May – 11.1% vs. 11.0% - and negative comments regarding that Finland and the Netherlands will not support ESM bond purchasing have added to the general bearishness and dragged the EUR to fresh lows.
At the moment, the cross is down 0.65% at 1.2594 facing the next support at 1.2567 (MA10d) ahead of 1.2555 (MA21d) then 1.2552 (hourly low Jun.29) and 1.2433 (low Jun.29).
On the upside, a breakout of 1.2693 (high Jun.29) would open the door to 1.2706 (Upper Bollinger) then 1.2708 (high Jun.21) and 1.2748 (high Jun.18).
