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20 Feb 2013
Forex: EUR/USD extends losses ahead of FOMC minutes
The euro extended losses versus the greenback during the American afternoon and hit a marginal new low of 1.3332 ahead of the release of the minutes from the latest FOMC meeting.
The euro fell against a broad stronger dollar amid risk aversion and dragged by the Cable slump. However, EUR/USD has managed to hold above the 1.3300/10 area, which is a key support for the cross. At time of writing, EUR/USD is trading around 1.3345, still down 0.3% on the day.
As for technical levels, if EUR/USD breaks below the 1.3330 area, next supports are seen at 1.3306 (low Feb 15/38.2% retracement of 1.2660/1.3710) and 1.3270. On the other hand, recovery attempts could find resistance at 1.3400, followed by 1.3450 (21-day SMA) and 1.3475 (high Feb 12).
The euro fell against a broad stronger dollar amid risk aversion and dragged by the Cable slump. However, EUR/USD has managed to hold above the 1.3300/10 area, which is a key support for the cross. At time of writing, EUR/USD is trading around 1.3345, still down 0.3% on the day.
As for technical levels, if EUR/USD breaks below the 1.3330 area, next supports are seen at 1.3306 (low Feb 15/38.2% retracement of 1.2660/1.3710) and 1.3270. On the other hand, recovery attempts could find resistance at 1.3400, followed by 1.3450 (21-day SMA) and 1.3475 (high Feb 12).