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26 Feb 2013
Forex: EUR/USD breaks below previous lows
EUR/USD is currently printing fresh 1-month lows at 1.3041, last off 14 pips from mentioned lows, at the time Tokyo traders are back from lunch break, taking Nikkei down -2.34% at the moment, below the 11400 handle. All local markets are in the red, while Gold is flat for the session off fresh weekly highs at $1598, and Oil printed fresh 1-month lows below the $92 mark.
Following the massive sell-off it came with uncertain Italy election results, EUR/USD has left behind the mid term ascending trend line from 1.20 lows, which, in CMT and FXstreet.com Independent Analyst Fan Yang's words: “This clears a rising trendline,”the analyst says, adding: “The next possible target is the 50% retracement of July-Feb (1.2041-1.3710) rally at 1.2875. If there is a pullback, the 1.3150-1.3170 area could provide resistance if the bearish trend is to extend,” he suggests.
Immediate support for EUR/USD to the downside lies at session and fresh 1-month low 1.3040, followed by Oct 31 highs/Jan 07 lows at 1.3021/14, and Jan 04 lows at 1.2994. To the upside, closest resistance shows at recent session highs 1.3089, followed by Friday's lows at 1.3143, and Thursday's lows at 1.3166/1.
Following the massive sell-off it came with uncertain Italy election results, EUR/USD has left behind the mid term ascending trend line from 1.20 lows, which, in CMT and FXstreet.com Independent Analyst Fan Yang's words: “This clears a rising trendline,”the analyst says, adding: “The next possible target is the 50% retracement of July-Feb (1.2041-1.3710) rally at 1.2875. If there is a pullback, the 1.3150-1.3170 area could provide resistance if the bearish trend is to extend,” he suggests.
Immediate support for EUR/USD to the downside lies at session and fresh 1-month low 1.3040, followed by Oct 31 highs/Jan 07 lows at 1.3021/14, and Jan 04 lows at 1.2994. To the upside, closest resistance shows at recent session highs 1.3089, followed by Friday's lows at 1.3143, and Thursday's lows at 1.3166/1.