EURUSD continues downward slide, as US GDP report looms

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The EURUSD may be set for more fall as the pair has continued its downward slide from yesterday (10/26/12) into today’s European session.

The pair lost almost 100 pips yesterday as it plummeted from the important 1.30 mark extending its reach to 1.2903 presently in the late London session as at 11.30 GMT +1.

The pair may lose further ground as the US GDP report comes up at 1.30 GMT+1, with wide expectation of an improved rating from the United States economy.

If all these comes to pass, then there may be further worry for the Euro as technical analysis from the EURUSD chart indicate that important support located at 1.2930 and 1.2895 have been breached.

This may give rise to further fall with near support of 1.2839 in focus.

The pair is presently quoting on the 1.2890 as at 11.47 GMT +1.


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