The Euro slumped to its weakest level in almost 16 months against the dollar and plunged versus the Yen as the European Central Bank kept its main refinancing rate at a record low of 1% and concern that the Greek and Portugal fiscal crisis will intensify. The EUR/USD has been trading downwards since last week and has been breaking support level one after the other, therefore the momentum is clearly bearish. Overall, EUR/USD traded with a low of 1.2520 and with a high of 1.2857. Today, German Industrial Production is expected to rise from 0.0% to 1.5%, EU Economic Summit.

EUR/USD - Last: 1.2720

Resistance

1.2740

1.2900

1.3000

Support

1.2585

1.2520

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