The Euro has dropped dramatically in Tuesday’s Asian session breaking support at 1.2720/1.2700 to levels about 1.2620, the lowest since early December. Concerns about Eastern European economies and their Banking system affecting European Union have weighted heavily upon the Euro.The Euro has lost about 200 pips during the Asian session from above 1.2800 falling to 1.2622, in the cross looks bearish on the hourly chart and next important support levels could be tested at 1.2550 and 1.2424. Resistance around 1.2700/1.2730 next resistance area at 1.2800 and above there 1.2850.EUR/JPY has also dropped heavily on Asian session, rejected by the 117.30 resistance line, EUR/JPY has dropped to 116.70 so far and looks on its way to test support at 116.50.
Tuesday, February 17, 2009
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