The EUR/USD saw a quick dip to fresh lows at the beginning of the American session, but managed to quickly bounce as the USD lost momentum across the board. 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.