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1 Mar 2013
Forex: EUR/USD extends losses to fresh 7-week low
The shared currency has extended its decline versus the dollar, as the US currency continues to capitalize risk-off flows. EUR/USD broke below the 1.3000 mark at the beginning of the New York session and has been moving steadily to the downside ever since.
EUR/USD is currently trading at the 1.2980 area, where it records a 0.5% daily loss, having scored a fresh 2 ½-month low of 1.2966 in recent dealings.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds a bearish tone, with room to extend the fall. According to the analyst, a clear break below 1.2980 will focus next big support at 1.2880. Meanwhile, the analyst locates short term supports at 1.2940 and 1.2900, while resistances are seen at 1.3010, 1.3050 and 1.3090.
EUR/USD is currently trading at the 1.2980 area, where it records a 0.5% daily loss, having scored a fresh 2 ½-month low of 1.2966 in recent dealings.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds a bearish tone, with room to extend the fall. According to the analyst, a clear break below 1.2980 will focus next big support at 1.2880. Meanwhile, the analyst locates short term supports at 1.2940 and 1.2900, while resistances are seen at 1.3010, 1.3050 and 1.3090.