EUR/USD consolidating the drop on 1.3356 low

By FXstreet.com | Updated August 05, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3373, down -0.36% on the day, having posted a daily high at 1.3426 and low at 1.3358.



EUR/USD is making an attempt here to maintain form on the upper end of the 1.33 handle post a steep drop from 1.3420 channel. We has the services PMI that dropped to 54.2 from the flash estimate of 54.4 but we got the EZ retail sales that were encouraging.



EUR/USD technical with bearish bias



Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that EUR/USD short‐term technical are still bearish. “EUR is trending lower and technical studies warn of further near‐term downside risk however the RSI has fallen to 30, which for EUR is oversold; accordingly there is some near‐term risk of a period of stability before there is further downside momentum. Support lies at the recent low of 1.3367 followed by 1.3300."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/USD Technical Analysis: Stalling Below 1.10 Figure

  2. Forex News

    Year-end target for EUR/USD to parity - BofA

  3. Forex News

    Trading Video: US Dollar and Stocks Follow the Path of Least Resistance

  4. Forex News

    Top Events this Week Include EZ CPI, Canadian GDP, and US NFPs

  5. Forex News

    Strategy Video: Should the Fed Lead the Next Monetary Policy Phase, Again?

Trading Center