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EUR/USD Extends Losses

By  |  Forex  |  Jun 20, 2013 10:13AM GMT  |   Add a Comment
 
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<span class=EUR/USD " title="EUR/USD " width="799" height="604" /> The EUR/USD currency pair came under pressure today, following the yesterday’s Fed’s announcement. On Wednesday, the pair closed below the $1.3300 mark; Today it touched $1.3200.

The eurozone released a bunch of positive PMI figures on Thursday, but the data didn’t offer much support for the pair. Yesterday we sold the pair from $1.3275 with a target of $1.3175 and a stop at $1.3330. We expect the pair to reach this target in the coming days.

A break below this support would confirm the formation of a medium-term top and open the way for a deeper drop. Next support lies at $1.3115/00, $1.3030 and $1.3000.

The euro needs to break above $1.3415 in order to continue the rally, but, given the Fed’s hawkish tone, the chances for that are very low.
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