Euro to dollar broke below uptrend support that accompanied it for the past two two months (see graph). It is now in a one month low and challenging the round and tough line of 1.30. Worries about Spain and other peripheral countries just refuse to leave the markets. Will it break below 1.30? EUR/USD has been trading in a narrowing channel since mid February. Uptrend support has been more meaningful, being touched during two days in March and two days in April. EUR/USD Below Uptrend Support - Click image to enlarge The start of the new week saw the pair break below this line, that stands on 1.3040 today. It also broke below the 1.3050 support line and fell as low as 1.3009 before bouncing back, yet it is still under 1.3050 and downtrend support. Further lines are 1.3110 on the upside and 1.2945 on the downside. For more lines, events and analysis, see the EUR/USD forecast. There is no light at the end of the Spanish tunnel for the moment. 10 year benchmark yields are around 6%, above normal levels. With no more large scale ECB LTRO moves on the way, bonds lack the necessary cash to keep going. Spain is required to deliver on promised austerity measures in order to calm markets about the debt fears, but the new government is losing support and having a hard time enforcing cuts on the regions. Spain has an inconceivable unemployment rate of nearly 24%. The paradox here is that this crisis indirectly helps Spain: Here’s why Spain needs a weaker euro. Also the Chinese widening of the yuan band is weighing a bit on the euro, although reactions are mixed. More action will be seen later when the European session gets fully under way. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Tradeo’s Forex Social Network Connects Currency Traders Yohay Elam 10 years Euro to dollar broke below uptrend support that accompanied it for the past two two months (see graph). It is now in a one month low and challenging the round and tough line of 1.30. Worries about Spain and other peripheral countries just refuse to leave the markets. Will it break below 1.30? EUR/USD has been trading in a narrowing channel since mid February. Uptrend support has been more meaningful, being touched during two days in March and two days in April. [caption id="attachment_35078" align="alignright" width="400" caption="EUR/USD Below Uptrend Support - Click image to enlarge"][/caption] The start of the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.