The euro took losses against its safe-haven currency rivals yesterday, as investors continued to view the common currency as overbought following the significant uptrend it saw last week. The EUR/USD fell close to 90 pips during early morning trading, eventually reaching as low as 1.2992, before bouncing back to the 1.3050 level. Against the JPY, the euro fell some 150 pips over the course of the European session, eventually reaching as low as 102.09.
Today, the euro could see additional volatility, as several pieces of significant news are set to be released. First, the Spanish ten-year bond auction could provide important clues as to the current state of Spain’s economy and whether they will seek a bailout to help its ailing banking sector recover. Later in the day, a speech from ECB President Draghi, scheduled to take place at 16:00 GMT, could help the euro recoup some of its recent losses if he signals growth in euro-zone economic recovery.
| EUR/USD intraday: the downside prevails. |
Pivot: 1.304
Our preference: Short positions below 1.304 with targets @ 1.293 & 1.2905 in extension. Alternative scenario: Above 1.304 look for further upside with 1.3085 & 1.3115 as targets. Comment: as long as 1.304 is resistance, look for choppy price action with a bearish bias. |
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Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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