Forex: EUR/USD prints session lows sub-1.2950 on USD strength

EUR/USD is currently slipping to fresh session lows last at 1.2949, on the back of a broad USD move higher, following much better than expected yesterday's US retail sales figures, showing best monthly increase in 5 months. USD index is last at fresh session highs near 82.90 levels, off session lows at 82.76, previous resistance line, following another new high at 83.05 post-US data, highest since late July last year.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The EUR/USD hourly chart shows 20 SMA heading south above current price while indicators stand in negative territory, which supports a bearish continuation,” the analyst suggests, adding: “Latest upward corrective movement stalled at 1.2970, former support area adding to the negative bias. In the 4 hours chart, indicators stand in negative territory, although losing early strength and turning neutral. Key support stands around 1.2880 area, with stops probably below,” she concludes.

Valeria finds support levels at: 1.2920, 1.2880 and 1.2840, while resistance levels at: 1.2970, 1.3010 and 1.3050.