EUR/USD bearish tone prevails - FXStreet

By FXstreet.com | August 21, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik remarks that EUR/USD is trading in a 30 pips range, close to another fresh low of 1.3241 on Thursday.



Key quotes



"Early data show German PMI readings resulted better than expected, but French and EZ ones missed expectations again."



"The continued fall has left indicators of the 4 hours chart in oversold levels looking a bit exhausted to the downside at the time being, yet an upward correction will depend on a recovery at least above the 1.3300 level."



"In the meantime, the bearish tone prevails, with the 20 SMA in the mentioned time frame accelerating lower now around 1.3310 and reinforcing the resistance area."



"Furthermore, sellers will likely surge on approaches to 1.3330/40 which means is worth waiting to sell higher rather than attempt a buy."



"A break below the daily low on the other hand, should see the pair extending its decline towards the 1.3190/1.3200 price zone."



comments powered by Disqus
Related Forex Analysis
  1. Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...
    Forex News

    Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...

  2. Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends
    Forex News

    Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends

  3. US Session recap: USD consolidation ahead of FOMC
    Forex News

    US Session recap: USD consolidation ahead of FOMC

  4. A market in a technical snap-shot - RBS
    Forex News

    A market in a technical snap-shot - RBS

  5. EZ gave mixed data at key timings - BBH
    Forex News

    EZ gave mixed data at key timings - BBH

Trading Center