Forex: EUR/USD falls after Spanish debt auction

FXstreet.com (Barcelona) - Euro recovery from 1.3420 low has been capped at 1,3520 at European session opening and the pairs retreat has accelerated after an extremely expensive Spanish debt auction, with the pair returning to 1.3435.

The pair lies right above 1.3420/30 (session low/Nov 16 low), with next support levels at 1.3355 (Oct 9 low) and 1.3240 (Oct 6 low). On the upside, above 1.3515 (session highs, the pair might find resistance at 1.3555/70 (session high/intra-day resistance), and above here, 1.3645 (intra-day level).

The Spanish treasury has sold EUR 3.6 billion of 10-year bonds, below the maximum target EUR 4 billion, at an average price of 6.975%, the highest price since 1997.

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