Forex: EUR/USD tumbles down to 1.3200

The EUR/USD rallied ahead ofEMU’s confidence data to print its high at 1.3263, but very poor figures saw risk sentiment clearing out. The pair tumbled down, retracing its daily gains back to the opening price at 1.3218 first. 

A new wave of selling pressure threw the cross towards the psychological level at 1.3200, where the EUR/USD is now currently testing as support.

On the upside, double-Fibonacci barrier at 1.3230/40 zone and daily high at 1.3263 might be seen as resistance. “On the downside, 1.3170/50 zone offers good support, with break here to weaken short-term structure”, wrote Windsor Brokers analyst Slobodan Drvenica.


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