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.
"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."