FXstreet.com (Buenos Aires) - EUR/USD Current price: 1.2768.
Euro starts the week as it closed past Friday, showing a soft tone,
after breaking under the 100 DMA, currently around 1.2805 and
immediate resistance level for the cross. Fears of a global
slowdown and a double dip in the US had favored both dollar and
yen, that hold their bullish tone across the board, in what seems
will be a quiet Asian session.
Technically and according to the hourly chart, pair aims for a
bullish short lived movement, as momentum remains strongly down
while price is capped under 20 SMA. Bigger time frames show rally
overextended to the downside yet not other signs of exhaustion.
"Key support now lies at the 1.2720/30 area, as under this last,
the bearish momentum could extend further this week," said Valeria
Bednarik, collaborator at FXstreet.com.
Support levels: 1.2720 1.2680 1.2620. Resistance levels: 1.2805
1.2830 1.2860.