FXstreet.com (Barcelona) - The compression of EUR longs continues its course amid heavy JPY crosses, driven mostly by a risk averse atmosphere, with the escalation of violent protests in Spain - reminiscent of those in Greece - the main factor to blame. Current price stands at 100.32. New lows looming in Asia?
Technically, following a brief drive thru 101.00 in early US trade, the topside failure has led the pair to expose Europe lows again at 100.15, which coincides with the 38.2% retrace of the Jul-Sep advance. Break lower paves way to 100.00 round figure ahead of 99.50 - Sept 13 low -. On the upside, sustained fluctuations above 101.00 are needed to regain bullish hopes.
Technically, following a brief drive thru 101.00 in early US trade, the topside failure has led the pair to expose Europe lows again at 100.15, which coincides with the 38.2% retrace of the Jul-Sep advance. Break lower paves way to 100.00 round figure ahead of 99.50 - Sept 13 low -. On the upside, sustained fluctuations above 101.00 are needed to regain bullish hopes.
