FXstreet.com (Barcelona) - EUR/USD has fallen around 100 pips from 1.2985, ahead the US opening bell, to reach 1.2888, fresh 1-month low. Currently, the pair is trading around 1.2900/10 range.
EUR/USD has lost 0.80% so far today from opening price at 1.3186 to reach this lowest monthly levels.
According to Valeria Bednarik, FXstreet.com collaborator, Dollar bias is bullish: With Wall Street lower and breaking key support levels, dollar continues extending the bullish bias across the board, except against Japanese Yen. Commodities currencies are also falling heavily. Euro breaks under the 1.2900 and continues hovering around that zone, with a probable target for today around 1.2860 zone. GBP can't find relief and continues falling. The 1.4460 zone should offer some rebound, at least in a first attempt if reached.
Bednarik concludes: Quoting just above the 1.2900 level, the pair is quickly approaching to the base of the descendant channel we have been following lately, around 1.2860/70.RSI shows the pair is quite oversold, but no clear signals of a trend change for the next hours. Despite that, some upside correction could be seen if the pair reaches that level, as also smaller time frames show the pair is over sold. However, keep in mind that, as long as stocks keep falling, selling pressure will remain strong in the pair. Clear break under channel base, will found the pair approaching to the 1.2820/30 zone. Resistances from actual price will be at 1.2930, 1.2955 and close to 1.3000.
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