Forex: EUR/USD tests yesterday's low

The EUR/USD was holding quite close to the opening price, at 1.2950/60 range, ahead of the publication of EMU data. Once it was released, the pair got back to the downside for a retest of yesterday's low at 1.2924. The surrounding area at 1.2930 is blocking a sharper down move, as of writing.

EMU employment dropped -0.3% in Q4 (QoQ), but Q3 data was revised higher from -0.2% to -0.1%. The year-on-year figure fell from -0.6% (revised from -0.7%) to -0.8%. The Greek unemployment rate moved higher in Q4 2012, from 24.8% to 26%.

"Yesterday's break below 1.2990 signals, that the downtrend has been renewed and my outlook here is negative below 1.2990 resistance, for a slide towards 1.2880, en route to 1.2760", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key resistance at 1.3070.