Forex: EUR/USD dips below 1.2900, 2-week lows

FXstreet.com (Córdoba) - The euro accelerated losses ahead of the New York open and dipped below the 1.2900 mark weighed by reports that Greece may need an extra €30 billion coupled with Spanish unemployment reaching an all-time high of 25%.

EUR/USD broke below the 1.2915 support area, triggering stops, and fell to a 2-week low of 1.2881 before finding support. At time of writing, EUR/USD is quoting at the 1.2895 zone, 0.3% below its opening price.

As for technical levels, immediate supports are seen at 1.2880, 1.2836 (200-day SMA) and 1.2803 (Oct 1 low). On the upside, resistances could now be faced at 1.2915/20, 1.2950 and 1.2985(100-hour SMA).

Looking ahead, the first reading of US GDP for the third quarter will be released at 12:30 GMT.

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