FXstreet.com (Córdoba) - The euro continues to weaken versus the dollar
and has dropped to fresh daily lows in recent dealings, as investors
assess Bernanke's mixed signals on QE.
EUR/USD rallied to the
1.3000 area at the beginning of Bernanke testimony, but then slumped to a
low of 1.2850 as Fed Chairman dialed down the dovish tone. EUR/USD is
currently trading at the 1.2860 area, where it records a 0.3% loss on
the day.
On the downside, immediate support is seen at 1.2840
(low May 21), followed by 1.2795 (low May 17), while on the upside,
resistances could now be found at 1.2910 (200-hour SMA) and 1.2960
(intraday level) ahead of 1.3000.
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