Forex Flash: EUR/USD buffered by 1.3000 support – RBS

FXstreet.com (Barcelona) - Looking into the weekly charts this morning it’s worth noting that recent price action failed to close the week beneath the important 1.3000 level and has found small support here just as it did at the end of December last year. This recent sell off has been quite aggressive (falling some 5.4% in the last 5 weeks) the last 4 weeks have posted consecutive lower lows and lower highs. According to Technical Strategist William Moore at RBS, “any support level has a lot of downside momentum to stop and around here at 1.3000 is so far proving quite resilient. Beneath there the extended neckline at 1.2896 sits waiting and 1.2730 waits even lower. The bias here is that the market’s slightly oversold here and one of these levels will provide some respite from the downtrend.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS