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5 Jul 2013
EUR/USD breaks below 1.29 on IMF Italy's downgrade
FXstreet.com (Barcelona) - The EUR/USD foreign exchange rate is last quoted at 1.2894, off recent session lows at 1.2886 printed on the back of IMF cutting growth forecast for Italy.
EUR/USD likely to sit around 1.29 until NFP
According to FX Charts analyst Jim Langlands the EUR/USD is now likely to sit around the 1.29 level “until the NFP /US employment (exp +165K/7.5%) data later in the session. A strong number would most likely see the dollar make further gains, with the Euro likely to head lower, as shown by the downside momentum which is building in the 4 hour charts,” Langlands added.
EUR/USD key technical levels
Immediate support to the downside for EUR/USD lies at mentioned recent session lows 1.2886, followed by NY session fresh 1-month lows at 1.2880, and March 19 lows at 1.2841. To the upside, closest resistance shows at yesterday's lows 1.2922, followed by Tuesday's lows at 1.2962, and June 26 lows at 1.2984.
EUR/USD likely to sit around 1.29 until NFP
According to FX Charts analyst Jim Langlands the EUR/USD is now likely to sit around the 1.29 level “until the NFP /US employment (exp +165K/7.5%) data later in the session. A strong number would most likely see the dollar make further gains, with the Euro likely to head lower, as shown by the downside momentum which is building in the 4 hour charts,” Langlands added.
EUR/USD key technical levels
Immediate support to the downside for EUR/USD lies at mentioned recent session lows 1.2886, followed by NY session fresh 1-month lows at 1.2880, and March 19 lows at 1.2841. To the upside, closest resistance shows at yesterday's lows 1.2922, followed by Tuesday's lows at 1.2962, and June 26 lows at 1.2984.