EUR/USD bearish tone prevails

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3598, down -0.05% on the day, having posted a daily high at 1.3608 and low at 1.3598.

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD trades uneventfully around the 1.3600 level as the week starts, technically neutral. “Nevertheless, the mild heavy tone seen for the past few weeks prevails, now supported by Portugal banking woes and fears it may extend through the region”.

EUR/USD technically neutral

Valeria Bednarik explained that “The hourly chart shows price around a flat 20 SMA and indicators also horizontal around their midlines, giving no clear signs of short term direction. In the 4 hours chart the technical outlook is also neutral, with the extremes of the latest range at 1.3570 and 1.3650: some momentum outside the range may set some intraday direction, albeit the range should contain price this Monday”.

EUR/USD Levels

Spot is presently trading at 1.3600, and next resistance can be seen at 1.3604 (Hourly 20 EMA), 1.3605 (Weekly Low), 1.3608 (Daily Classic PP), 1.3608 (Daily High) and 1.3612 (Weekly Classic PP). Support below can be found at 1.3599 (Daily Open), 1.3598 (Daily Low), 1.3592 (Yesterday's Low), 1.3590 (Daily Classic S1) and 1.3573 (Daily Classic S2).

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