EUR/USD bounces back to 1.3100

FXstreet.com (Córdoba) - The EUR/USD saw a quick dip to fresh lows at the beginning of the American session, but managed to quickly bounce along with US stocks.

EUR/USD dropped below 1.3100 and stretched to a fresh 3-week low of 1.3058 before bouncing back to the vicinity of 1.3100 where it is trading at time of writing, virtually unchanged since opening.

EUR/USD downside still favored

According to Valeria Bednarik, chief analyst at Fxstreet.com, the downside remains favored as long as price holds below the Fibo level (50% retracement of its latest bullish run at 1.3106), "with scope to test key 1.30 area on a break of 1.3058 daily low".

Bednarik locates immediate supports at 1.3060, 1.3035 and 1.3000, while she places resistances at 1.3106, 1.3130 and 1.3165.