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26 Feb 2013
Forex: EUR/USD steadies around 1.3050
With upside attempts being capped by the 1.3120 area during the European and American sessions, EUR/USD was confined to a phase of consolidation within the last hours. EUR/USD fell over 80 pips from daily highs in the wake of better than expected US data, but paused the decline ahead of its 8-week low of 1.3018 scored earlier, at the 1.3035 zone.
At time of writing, EUR/USD is trading around 1.3050, where it settled 10 pips below its opening price, but having oscillated between 1.3018 and 1.3130.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com commented that the technical readings remain bearish in 4-hour chart, and "the downside remains favored as long as 1.3140/50 area caps any attempt of recovery".
Benarik locates immediate supports at 1.3035, 1.2990 and 1.2950, while she sees resistances at 1.3120, 1.3150 and 1.3185.
At time of writing, EUR/USD is trading around 1.3050, where it settled 10 pips below its opening price, but having oscillated between 1.3018 and 1.3130.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com commented that the technical readings remain bearish in 4-hour chart, and "the downside remains favored as long as 1.3140/50 area caps any attempt of recovery".
Benarik locates immediate supports at 1.3035, 1.2990 and 1.2950, while she sees resistances at 1.3120, 1.3150 and 1.3185.