Ramon Ramirez Posted June 22, 2012 Report Posted June 22, 2012 FXstreet.com (San Francisco) - The euro fell sharply against its U.S. counterpart on Thursday, having fallen to as low as 1.2530 on global growth concerns and after stocks on Wall Street posted their second biggest one-day drop of the year Thursday. EUR/USD closed down 1.2% to 1.2539 vs. 1.2704 late Wednesday. So far in Asia this Friday, the pair is trading within a tight 20-pip range around 1.2550. To the downside support levels are noted at 1.2520, 1.2470 and 1.2440, while resistance levels lie at 1.2550, 1.2580 and 1.2610. “In the 4 hours chart the pair holds its bearish tone, as indicators head south below their midlines and price develops below 20 SMA,” explains Valeria Bednarik, Chief Analyst at FXstreet.com. “Sell off will likely continue if local share markets follow their overseas partners.”
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