CM: EUR/USD extends declines and falls towards 1.3050
FXstreet.com (San Francisco) - The Euro has continued with its today's downtrend against the Dollar with the pair falling from 1.3170, yesterday high, to break down 1.3100 level and trade close to the 1.3050. The unit is currently pricing at 1.3060, 0.50% below opening price action.
EUR/USD is under pressure by market concerns on Spain solvency. ECB's Weidman says bond buying program hasn't ended, despite being limited. Meanwhile, Germany sold more than €4 bn in 2-year bonds at a record low of 0.14% yield.
"More downside pressure is awaited mainly targeting 1.3000 zones once again," comments de ecPulse.com team. "Whilst a break of which will trigger a panic sell-off action for the rest of the day."
"The trading range for today is among key support at 1.2930 and key resistance at 1.3290," concluded ecPulse.com.
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