FXStreet (Barcelona) -FXStreet Chief Analyst Valeria Bednarik notes that on Monday the EUR/USD not only faltered to extend beyond critical 1.3680 resistance but broke below the 1.3600 figure early US session and held below it afterwards, with nothing or little going on across the forex board.
“EUR/USD extended up to 1.3668 on the day, yet failed also in sustain gains above its 200 DMA, giving a hard time to bulls for third week in a row.”
“Short term, the hourly chart presents a quite strong bearish tone as per price accelerating below moving averages and indicators near oversold levels.”
“In the 4 hours chart indicators gain bearish slope slowly extending into negative territory, as price stands below moving averages. Further downward pressure is seen on a break below 1.3570 immediate support, looking then for a probable test of past week low of 1.3502.”