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Forex pairs in this Article » EUR/USD (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that the EUR/USD could be positioned for further bearish acceleration below 1.3506.

Key Quotes

“Dollar regained the upside this Tuesday, boosted by FED’s Hilsenrath’s comments pointing for another 10B cut in facilities on upcoming FED meeting, while the EUR presents continued weakness in this European morning, extending lower after ZEW survey showed a decline in economic expectations.”

“The EUR/USD technical outlook supports further falls, as the 4 hours chart shows 20 SMA extending its bearish slope above current price and providing dynamic resistance in the 1.3560 area, where the pair also established its daily highs early Asia.”

“Indicators in the same time frame maintain a negative bias, heading south below their midlines and supporting the overall bearish tone the pair has: this month low of 1.3506 stands as immediate support and if broken, the downward acceleration may extend down to 1.3440 price zone.“

“As long as below the 1.3570 level, sellers will keep control albeit a price recovery above this last may see price testing 1.3610/20 area before resuming the slide.”
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