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Forex: EUR/USD stages sudden bounce after new low

Ramon Ramirez

By Ramon Ramirez
in Fundamental Analysis

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Ramon Ramirez Newbie

Ramon Ramirez

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FXstreet.com (Córdoba) - The euro bounced strongly after hitting a fresh 2-year low of 1.2162 at the beginning of the American session weighed by rumors the ECB could implement negative deposit rates in September.

However, EUR/USD was firmly rejected from those lows and climbed more than 80 pips in a matter of minutes, helped by the positive opening in Wall Street. At time of writing, EUR/USD is quoting at the 1.2230/40 zone, now up 0.3% on the day.

The 100-hour SMA at 1.2250 should offer immediate resistance, followed by 1.2295 and 1.2330. On the downside, supports could be faced at 1.2200, 1.2160 and 1.2150.

There is chatter Eastern European CB, the big buyer in EURUSD, is smashing market higher amid thin liquidity.

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