EUR/USD: Immediate support at 1.2730 ahead of 1.2660

by Admin

The EUR/USD continues under pressure and stands near yesterday low around 1.2750, after failing to regain the 1.2800 level earlier today. Weighted by German disappointing employment data, along with Italian rising yields, the EUR/USD fails to attract buyers, while market volume remains low ahead of Cyprus’ banks reopening after almost 2 weeks closed, along with the beginning of a long Easter weekend.

The 4 hours chart shows the bearish bias remains in place, as indicators head back south in negative territory, after correcting extreme oversold readings, while 20 SMA maintains a strong bearish slope, now offering dynamic resistance around 1.2840. While weekly low comes at 1.2750, a stronger static support level is located at 1.2730, where the pair presents several daily highs and lows. A break below this area should open doors for a test of 1.2660, past November monthly low. 

Recoveries are still seen as selling opportunities, with 1.2840/80 area as probable tops for today. 

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