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EUR/USD – Drifting lower although trying to hang on to 1.29
Over the last couple of weeks, the Euro has retraced from its highs near 1.32 and the 1.30 level emerged again as a level of significance. It was able to provide some support last week however the Euro has since broken through. To finish last week, the Euro was valiant in its efforts to cling onto the 1.30 level, however it was sold heavily at any price above 1.30. It continues to edge lower despite its efforts to cling onto the 1.30 level and then the 1.29 level. It appears to be stepping lower in 50 pip moves as in the last 48 hours it has broken through the 1.29 level and threatened 1.28. The 4 hourly chart below ... (full story)
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