Monday, 29 June 2009

Forex: EUR/USD breaks 1.4000 support

Mon, Jun 29 2009, 06:49 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - EUR/USD has broken 1.4000 key support in the early European morning after the Yesterday PBOC comments. During the Asian session, pair has been trading in a small range between 1.4000/30, but in the last hour EUR/USD has fallen around 50 pips from 1.4032 to post intra-day low at 1.3983, continuing its declining from 1.4118, June 26 high.

Today, the pair is falling 0.50% from opening price action to the current 1.3990/1.4000.

Last week, EUR/USD rose 0.90% from Monday opening price at 1.3950 to close 1.4068 on Friday. Pair reached 1.4138 as intra-week high and 1.3826 as intra-week low.

PBOC comments about its policy on keeping Dollar as foreign reserve currency for now has eased concern on Greenback, putting higher. Zhou Xiaochuan said: "our forex reserve policy is always quite stable... there are not any sudden changes"

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