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Forex: EUR/USD intensifies the correction, around 1.3435/40
The bloc currency continues to retrace ground from today’s tops in the vicinity of 1.3520, as risk aversion is picking up pace.
“Prices rebounded from support at 1.3353, the 50% Fibonacci retracement, taking out the 38.2% levels at 1.3437. Buyers are now aiming to challenge the 23.6% levels at 1.3541. The 1.3353 level has been cast as support. A reversal below that aims for the 61.8% mark at 1.3269”, assessed I.Spivak, Currency Analyst at DailyFX.
At the moment, the pair is losing 0.12% at 1.3437 Next support levels line up at 1.3428 (low Feb.13) ahead of 1.3364 (low Feb.12) and finally 1.3325 (low Feb.11). On the flip side, a breakout of 1.3437 (MA21d) would expose 1.3489 (MA10d) en route to 1.3520 (high Feb.13).
