EUR/USD Remains Pressured As It Breaks Daily Trendline

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EUR/USD Remains Pressured As It Breaks Daily Trendline

By Greg Michalowski on February 17, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EUR/USD broke convincingly through the trendline of f the daily lows today and moved sharply lower. Yesterday the level broke for a few hours but was not able to close below the key level (1.2763). Today, the price moved below the level and the momentum intensified. The decline was in reaction to worries about Eastern European debt ratings. Later when the ZEW Economic Sentiment data was released and showed a sharply higher values, the currency rebounded but the the gains were not sustained.

The price reached a low in the last hour at the 1.2579 level. There is support against the December 4th low at 1.2549. This level will be watched on the downside. On the upside, the 1.2638 level should provide resistance. A break above would lead to further upside gains intraday (1.2673).

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