Forex: EUR/USD back below 1.3000

Wed, 12 Jan 2011 06:40:00 +0100

Forex: EUR/USD back below 1.3000

FXstreet.com (Córdoba) - The Greenback weakened at the beginning of the Asian session allowing EUR/USD to rally toward a fresh 3-day high at 1.3016 after closing Tuesday at the 1.2970 area.

However, the hegemonic currency ran out of steam and failed to extend gains above that level; instead, EUR/USD has spent the last trading hours backing off highs, slowly but steadily and currently the cross is trading at 1.2985, 0.10% above its opening price.

EUR/JPY has erase all its earlier gains falling back below the 108.00 mark ahead of the European opening. At time of writing, the cross is quoting at the 107.90 area right where it began the day.

Technical Analysis (2011-01-12 05:30 GMT)

EUR/USD 1.2986/1.2988 - O: 1.2879 H: 1.288 L: 1.2874 C: 1.2876

Trend R3: 1.3055
R2: 1.3023
R1: 1.2990
S1: 1.2922
S2: 1.2954
S3: 1.2986