The EUR/USD has changed course over the European morning, as risk sentiment suffered a setback, starting with 10Y Spanish yields that are up again at 6.95%, and German talking regarding Greece and the ECB: CDU’s Meister said Germany is not willing to back more financial aid for Greece, while ECB bond buying should warn speculators off the Euro. German bond auction disappointed as the country did not reached the target of Eur 4B, selling around 3.4B while Industrial production saw a significant slowdown.
The pair trades near the 1.2330/40 static support level, also 200 EMA in the 4 hours chart, having accelerated its slide and with indicators near their midlines, aiming to break lower. While a limited bounce may be seen in this area, a break below the level should open doors for a run lower towards the 1.2280/1.2300 area first, followed finally by 1.2250 price zone. The upside is now being limited by 1.2390 and only a clear recovery above this last, could change the new born intraday bias and push the pair higher back towards 1.2440 highs.
View Live Chart for EUR/USD
The pair trades near the 1.2330/40 static support level, also 200 EMA in the 4 hours chart, having accelerated its slide and with indicators near their midlines, aiming to break lower. While a limited bounce may be seen in this area, a break below the level should open doors for a run lower towards the 1.2280/1.2300 area first, followed finally by 1.2250 price zone. The upside is now being limited by 1.2390 and only a clear recovery above this last, could change the new born intraday bias and push the pair higher back towards 1.2440 highs.
View Live Chart for EUR/USD
