FXstreet.com (Córdoba) - The euro extended its downward corrective movement on Thursday
as market sentiment continued to deteriorate weighed by soft China and European PMI.
Meanwhile, yields on Spanish debt in the secondary market are mixed after a well-received
auction.
EUR/USD fell below 1.2950 and touched a 1-week low of 1.2930 before finding support, and
with the subsequent bounced capped by the 200-hour EMA around 1.2955, the pair remains
under pressure. At time of writing, EUR/USD is quoting at the 1.2950 zone, 0.7%, or 100 pips,
below its opening price.
"A break of the $1.2900-20 area would strengthen the idea that an important top is in place",
says the BBH analyst team. "The price action is broadly consistent with what we have seen
following the announcement of QE2 back in Nov 2010, where the dollar weakened initially and
then recovered smartly".
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