The EUR/USD eases this Monday, weighted by cold German economic data and concerns over Spain banking crisis and Greece payments; high yielders are on the run lower, and the EUR/USD is close to erase all of past Thursday’s ECB gains: the pair broke below 1.2970, immediate resistance area, and as long as below, the downside is favored. Support now comes at the 1.2930, pre ECB levels, and once below, the downward pressure will likely accelerate, taking price near 1.2880 area, past week strong support: price has bounced higher from the level uncountable times. Hard to see a break lower with the US on holidays today, the pair may see some range consolidation later on the day, and wait for volume to come back with Asian traders.
Recoveries need to overcome mentioned resistance area around 1.2970 to see price aiming back higher and attempt a retest of the 1.3000/30 price zone.
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