EUR/USD is down from $1.3500
EUR/USD met resistance around the 55-day MA, 38.2% Fibo of the decline from October highs and the previous trend line in the $1.3500 area. Further resistance lies at $1.3500. For now the single currency’s testing support at $1.3450. Further support is at $1.3415 and $1.3360.
Commerzbank says that attention this week is going to be on $1.3294 (50% retracement of the move up from July). Below here will target the $1.3105/65 region (September low and the 61.8% retracement). Credit Agricole expects EUR/USD to trend towards levels of around $1.30 until the end of the year.
So far data out of the euro area today wasn’t impressive. We’re waiting for the region’s GDP release at 10:00 GMT.
Chart. Daily EUR/USD