EUR/USD bears paused before a new assault

By FXstreet.com | Updated August 06, 2014 AAA

FXStreet (Moscow) - EUR/USD is sitting close to the weekly lows around 1.3360, showing some attempts to break below 1.3350 before, but the trading activity is nonexistent so far.

Wounded EUR bulls are mourning

EUR/USD bullish correction above 1.3400 level was short-lived, as the pair resumed the downside on Tuesday on the back of broad based USD strength. Bears chased EUR lower the whole day on anticipation of better than expected US macro data, and paused only 1.3358. Today’s calendar contains only second tier European data, so the market would be driven mostly by technical factors. Now that EUR/USD moved below previous week’s low at 1.3367, the downside may be extended towards the initial target of 1.3342/37 and then to the area of medium demand at 1.3320 where bulls might attempt another correction.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3386, with support below at 1.3347, 1.3317 and 1.3278, with resistance above at 1.3414, 1.3455, and 1.3485. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3416 and the daily 20EMA bearish at 1.3474. Hourly RSI is bearish at 35.

You May Also Like

Related Forex Analysis
  1. EUR/USD Risks Larger Rebound on Dismal U.S. Durable Goods Orders
    Forex News

    EUR/USD Risks Larger Rebound on Dismal U.S. Durable Goods Orders

  2. EUR/USD stuck below 1.2500
    Forex News

    EUR/USD stuck below 1.2500

  3. EUR/USD Struggles Sub 1.2500 With Bullish Signals Absent
    Forex News

    EUR/USD Struggles Sub 1.2500 With Bullish Signals Absent

  4. Dollar and Yields Slide Despite Improved US Data
    Forex News

    Dollar and Yields Slide Despite Improved US Data

  5. EUR/USD: Firmer foundation to buy dips after 1.2445 breakout
    Forex News

    EUR/USD: Firmer foundation to buy dips after 1.2445 breakout

Trading Center