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Forex pairs in this Article » EUR/USD (Chicago) - EUR/USD extends retracement continuing a parallel movement after a reversal that broke the downward trendline that originated last November 19th.


According to Jim Langlands from FXcharts, “having tested 1.3400 after a weak EZ Mfg PMI, the Euro rebounded today after the head of the ECB, Mario Draghi, moved to quell growing talk that the Bankwas considering negative interest rates on overnight bank deposits in a bid to boost economic activity. The rebound has not been strong though and for the time being sentiment remains neutral with a chance of further losses for the Euro in the days to come.”

EUR/USD Technical Levels

Technically speaking, the pair is offered at 1.3469 and oscillates between the supports aligned at 1.3430 (November 15th lows), 1.3390 (November 20th lows) ahead of 1.3342 (November 11th lows) and the resistances set at 1.3488 (November 18th lows), 1.3542 (November 18th highs) followed by 1.3580 (November 19th highs). According to the trend index on one-hour timeframe analysis, the pair is slightly bullish and remains above the EMA20.
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