FXstreet (Barcelona) - After fighting for the 1.3080 level in the early European session, the EUR/USD has broken down to test the 1.3050 level and reach the 1.3036, 4-months high. Currently, the pair is trading around the 1.50/60 range.
Valeria Bednarik, FXstreet.com collaborator, says about the pair: Eur/Usd broke under 1.3080 tough congestion zone of daily maximums and minimums, and continues close to the base of the descendant channel clear in 4 hours charts. Over sold in small time frames, upside corrections should stay capped under the 1.3080/90 mentioned zone. Under today's low, next support will lie around the 1.3000 level, while, clear break under that zone, could trigger more bearish momentum till 1.2960. Resistances for the next hours will be at 1.3080, and above, 1.3130/45, descendant channel roof. Clear break above could change the pair bias.
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