EUR/USD comes with a bearish outlook

By FXstreet.com | August 08, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3413, up 0.37% on the day, having posted a daily high at 1.3433 and low at 1.3344.



EUR/USD comes with a bearish bias currently and is making fresh lows of late. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the outlook for EUR favours downside unless there is a close back above Tuesday’s open of 1.3422. "Yesterday’s ECB meeting played out as expected; with President Draghi reiterating that inflation expectations are firmly anchored, there are building downside risks to the economic outlook and that the measures previously announced are working and still need time to flow through."



EUR/USD Levels



With spot trading at 1.3413, we can see next resistance ahead at 1.3422 (Daily Classic R2), 1.3430 (Weekly High) and 1.3451 (Daily Classic R3). Support below can be found at 1.3394 (Yesterday's High), 1.3393 (Hourly 200 SMA), 1.3387 (Hourly 20 EMA) and 1.3383 (Weekly Classic S1).



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