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Forex pairs in this Article » EUR/USD
FXstreet.com (New York) - The EUR/USD foreign exchange rate again dove lower Thursday, this time on the heels of mixed US data, bottoming out during US trading.

In the United States, Gross Domestic Product Annualized (Q2) was reported at +2.5%, compared with a figure of +1.7% previously. In addition, Initial Jobless Claims came in at 331K, missing a consensus of 329K. Finally, Personal Consumption Expenditure Prices (QoQ) was unchanged in Q2, relative to +1.1% previously.

EUR/USD strategic bias

According to the Technical Analyst Team at ICN.com, “The EUR/USD negative divergence of the daily RSI coupled with a 13 count on the TD combo continues to point to a top being formed. Last week’s 1.3298 low is now exposed and we look for a slide to the 1.3208/1.3188 support area. Failure here will mean that a significant top has indeed been made.”

EUR/USD technical levels

Following a rapid plunge that traded in the depths of 1.3234 (intraday low), the EUR/USD has now retraced slightly higher, recovering the mark of 1.3244 (-0.71%). Briefing the technicals, the EUR/USD is testing of support at 1.3251, a break of which will open up 1.3197, notes the Mataf.net analyst team.
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