Euro was hit hard since Asian opening, after all of a sudden, market attention turned back to sovereign debt issues in the euro zone, while A Wall Street Journal article suggest the stress tests performed a couple of months ago minimizes debt risk; since early Europe, spread between Irish and Portuguese bonds against German ones had widen to monthly highs, pressuring even further the common currency.
Technically, hourly charts show pair found a base in the 1.2735 strong support area, yet despite oversold, no signs of reversal or corrections are seen yet. Lose of 1.2730 should signal a continuation rally towards the 1.2680/1.2700 area, thus further falls seem limited right now, unless some upward corrective movement first.
Key level to watch to the upside is 1.2770/80 zone, where pair should find enough resistance to trigger a bearish bounce back to current zone. Clear gains above 1.2810 are not yet seen.
View Live Chart for the EUR/USD
Technically, hourly charts show pair found a base in the 1.2735 strong support area, yet despite oversold, no signs of reversal or corrections are seen yet. Lose of 1.2730 should signal a continuation rally towards the 1.2680/1.2700 area, thus further falls seem limited right now, unless some upward corrective movement first.
Key level to watch to the upside is 1.2770/80 zone, where pair should find enough resistance to trigger a bearish bounce back to current zone. Clear gains above 1.2810 are not yet seen.
View Live Chart for the EUR/USD
