Forex Trading: EUR/USD Under Pressure On Continued Weakness

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Forex Trading: EUR/USD Under Pressure On Continued Weakness

By Greg Michalowski on January 13, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

S&P has warned Spain about a possible downgrade of credit rating. Ireland and Greece have already been warned in the Eurozone. The warnings have kept the pressure on the EURO overnight as the ECB meeting approaches on Thursday.

From a technical perspective and as outlined in previous posts overnight, the EUR/USD tested the 61.8% retracement level of the move up from the October low of 1.2329 and the December high of 1.4719. The retracement level comes in at 1.3242. The low tonight has been 1.3222 but the market was able to rebound from the move below the key level.

A move back below the level will likely lead to further selling. A move above 1.3315 will be watched on the upside.

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