FXstreet.com (Barcelono) - The EUR/USD has fallen quickly after the US opening bell from the 1.2650 level to the 1.2580 in a new failed attempt to break the 1.2660 resistance level
The Euro fell around 90 pips from the 1.2650 to the 1.2580 and right now it is trading around the 1.2580/1.2600 band. The pair is looking for the 1.2560 and 1.2513 support levels. On the upside, the pair must think in the 1.2600 congested level before to make a new assault to 1.2660, once above here, the pair could attempt to break 1.2700 resistance level.
According to Valeria Bednarik, FXstreet.com collaborator, the Euro is under selling pressure and a weak confidence in the European Monetary Union: Euro is unable to recover above the 1.2660 zone, and remains under strong selling pressure. Financial woes has hit confidence in the Euro really hard, and things are likely to worsen from now on, as concerns that Euro zone banks are now closer to risk of default than economies themselves. The key 1.2513 level seems ready to be tested soon, under which, the 1.2330 gets exposed.