EUR/USD surrenders to pressure – breaks below 1.30 –

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The rising unemployment, lower inflation and deepening recession sent the euro below the all important line of 1.30.EURUSD Below 1 3000 March 1 2013

Support is at 1.2960, followed by 1.2880. Resistance above 1.30 is at 1.3030. Update: EUR/USD reached the next support line of 1.2960 before retreating, following the better than expected ISM Manufacturing PMI.

The break awaits confirmation. The pair is till battling with this line.

For more levels, see the EURUSD forecast.

Italian unemployment leaped and the rate for all of the euro-zone rose as well. In addition, the level inflation also declined to 1.8% on an annual basis.

The euro has been on the back foot since the Italian elections. After falling to the wide range of 1.30 to 1.3170, the pair is on the brink of losing that level.

There is one man who could confirm the break and much more: Mario Draghi. The president of the ECB could provide a very bearish statement or even cut the interest rates in the upcoming meeting.

More on this: The next selloff of the euro could come from Mario Draghi

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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.

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