The recovery of the Euro after reaching a fresh 6−week low at 1.3983 was capped by the 1.4050 area. The EUR/USD has remained relatively steady in the last hours after plunging 150 pips during the European session. The pair is trading at the moment at 1.4025/30, 240 pips below Friday’s closing price.
“The pair finished the session sharply lower as market participants continued to speculate over the future stability of the Eurozone and in particular whether Italy will be the next country to seek financial assistance,” Talking-Forex affirms regarding today’s session.
From a technical point of view, the Talking-Forex Team locates support levels at 1.3968 and then the 200-Daily Moving Average line at 1.3906. “On the other hand, resistance levels are placed at 1.4073 and then at 1.4151, followed by the 100DMA line at 1.4275.”
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