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Forex pairs in this Article » EUR/USD (Barcelona) - Valeria Bednarik, Chief Analyst at FXstreet notes that the EUR/USD fell as low as 1.3607 so far today, helped by some hawkish chit chat coming from FED’s officers.

Key Quotes

“Voting member Plosser diminished the importance of last week NFP disappointing reading suggesting it was just one number, while Fisher said he will still vote for taper even if stocks were falling, while he would preferred a $20B reduction to start with.”

“The EUR/USD technical outlook in the 4 hours chart shows price developing below its 20 SMA and the 200 EMA, both converging around 1.3650 now immediate short term resistance, while indicators breached their midlines and head south in negative territory.”

“Having bounce some from mentioned daily low, key support stands at the 1.3570/80 area, where a daily ascendant trend line coming from July low of 1.2754 has contained the downside last week: a break below the level should confirm an interim top at 1.3892 past December high, and lead for a stronger downward continuation.”

“Next short term support stands at 1.3530, albeit the slide can extend down to 1.3440 once the break of the trend line is confirmed. Recoveries up to 1.3650 price zone are seen as just corrective, with only steady gains above 1.3710 signaling the bearish potential is over and the pair will be able to recover further.”
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