EUR/USD could see another leg down in the short term - FXStreet

By FXstreet.com | July 21, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that EUR/USD moved slightly up to 1.3548 at the beginning of the European session, and later fell to new daily lows of 1.3518 so far on the day.

Key quotes



"The 4 hours chart shows indicators turned south around neutral territory after correcting oversold readings, while current candle opened below a bearish 20 SMA, all of which favors a new leg down in the short term."



"Further declines below 1.3510 should signal the bullish correction is over, and favor a continued slide pointing to 1.3476 this year low."



"A break below it should trigger stops and therefore fuel a stronger slide over the upcoming sessions."



"The upside remains well limited by market sentiment, with local share markets accelerating their slide."



"The critical resistance stands at 1.3570, and bears will maintain the lead as long as price holds below it. "



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