FXstreet.com (Córdoba) - The euro remained under pressure Friday, weighed by tensions in the eurozone peripheral debt markets, with Spanish 10y yield comfortably above 7% despite the expected approval of a bank bailout plan later in the day.
EUR/USD accelerated to the downside and recently broke below the 1.2200 mark to dangerously approach its 2-year low scored a week ago. The pair has set a low of 1.2193 so far and currently is trading around 1.2195/1.2200, recording a 0.7% loss on the day.
From a technical view, "For the short term, an acceleration below 1.2220 should lead to a fall towards 1.2160/80 area, while once below, the long term bearish trend will resume, denying chances of a stronger upward movement", Valeria Bednarik, chief analyst at FXstreet.com, recently commented.
"Resistances from current levels come at 1.2250 and 1.2280 yet only a clear break of 1.2330/40 static resistance zone, will have the strength to attract buyers and take the pair near the 1.2410 level, quite unlikely at this time of the day", the analyst said.
EUR/USD accelerated to the downside and recently broke below the 1.2200 mark to dangerously approach its 2-year low scored a week ago. The pair has set a low of 1.2193 so far and currently is trading around 1.2195/1.2200, recording a 0.7% loss on the day.
From a technical view, "For the short term, an acceleration below 1.2220 should lead to a fall towards 1.2160/80 area, while once below, the long term bearish trend will resume, denying chances of a stronger upward movement", Valeria Bednarik, chief analyst at FXstreet.com, recently commented.
"Resistances from current levels come at 1.2250 and 1.2280 yet only a clear break of 1.2330/40 static resistance zone, will have the strength to attract buyers and take the pair near the 1.2410 level, quite unlikely at this time of the day", the analyst said.
