FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that following the release of worse than expected German Factory Orders data the EUR/USD extended decline towards the 1.3570 level.



Key quotes



"Trading at fresh weekly lows, the pair has erased these last two weeks gains and approaches the critical support area that contained the downside for the last month."



"Technically, the pair maintains a strong bearish momentum in its 4 hours chart, with indicators still heading south and nearing oversold levels and price developing below its moving averages, with 20 SMA now around 1.3640/50 strong static resistance also and probable top for today in case of a recovery."



"A break below 1.3570 seems unlikely yet if stops are tripped, the slide can extend down to 1.3530 before the day is over."



"Price needs to regain 1.3610 on the other hand to build up some intraday strength towards mentioned 1.3645 price zone."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/USD US session wrap up - FXStreet

  2. Forex News

    EUR/USD retreats from 1.0990, back to 1.0950

  3. Forex News

    Fed hike on its way, ISM employment component on track - ING

  4. Forex News

    US Dollar Set for Big Moves - Here are the Strategies We’re Watching

  5. Forex News

    EUR/USD regains 1.0980 on ISM

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!