Back
2 Jan 2015
EUR/USD extends losses below 200-month MA
FXStreet (Mumbai) - The EUR/USD pair is extending losses at the onset of 2015, after having breached the 200-month moving average support located at 1.2241 in Dec 2013.
The pair currently trades 0.37% lower at 1.2060 levels, compared to the previous session’s close of 1.2099. The pair breached the support of the 200-month MA currently located at 1.2241 in Dec 2013. Moreover, analysts had identified the 200-month MA as key support, since the pair had posted a sharp recovery after bouncing-off from the same in the year 2010 and 2012.
However, the Greek political turmoil and the expectations of Sovereign QE from the European Central Bank (ECB) has made sure the pair extended losses under the 200-month MA, towards the July 2012 low of 1.2042 levels. The pair may fall below 1.2042 levels if the PMI indices across Eurozone due today highlight further worsening of the manufacturing activity in December.
EUR/USD Technical Levels
The pair has an immediate support located at 1.2042 (July 2012 low), under which 1.2 shall act as a strong psychological support level. Meanwhile, a rise above the immediate resistance at 1.21 shall open doors for a re-test of 1.2135 levels.
The pair currently trades 0.37% lower at 1.2060 levels, compared to the previous session’s close of 1.2099. The pair breached the support of the 200-month MA currently located at 1.2241 in Dec 2013. Moreover, analysts had identified the 200-month MA as key support, since the pair had posted a sharp recovery after bouncing-off from the same in the year 2010 and 2012.
However, the Greek political turmoil and the expectations of Sovereign QE from the European Central Bank (ECB) has made sure the pair extended losses under the 200-month MA, towards the July 2012 low of 1.2042 levels. The pair may fall below 1.2042 levels if the PMI indices across Eurozone due today highlight further worsening of the manufacturing activity in December.
EUR/USD Technical Levels
The pair has an immediate support located at 1.2042 (July 2012 low), under which 1.2 shall act as a strong psychological support level. Meanwhile, a rise above the immediate resistance at 1.21 shall open doors for a re-test of 1.2135 levels.