The upward momentum seen in the Euro following EU summit, has started to fade slowly this Monday, as unemployment in the 17 countries bloc reached a record high past May of 11.1%; that represents over 17.6 million people out of work, with Spain and Greece showing the worst readings, nearing the 25%. Technically, the EUR/USD in a consolidative stage above 1.2610 daily low, with price struggling to hold above the 200 EMA and indicators still near extreme overbought readings with no signs of easing. Stocks across the world remain in positive territory, limiting slides at this time of the day. Below mentioned low, the bearish run may extend near 1.2570, 23.6% retracement of this year fall and strong static support level: buyers will likely surge in that area, pushing price back above 1.2600 if reached. Lose of 1.2570, should signal further slides with price then looking for a test of the 1.2520 price zone.
From current levels, only above 1.2680, the pair can regain upward momentum and extend its rally near 1.2745 past June high.View Live Chart for EUR/USD