EUR/USD down for second straight day - FXStreet

By FXstreet.com | July 02, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that EUR/USD has slid for the second consecutive day to the 1.3655 level where it stalled, even though the dollar maintains a bearish tone across the board.



Key quotes



"Failure to extend beyond 1.3700 increases the risk to the downside, at least from a technical point of view, moreover now that the pair trades back below the 1.3675 level, 61.8% retracement of this year rally."



"But for the most, range prevails and with ECB and US NFP tomorrow, expectations are quite limited intraday."



"The 4 hours chart presents a mild bearish tone, with indicators heading strongly south and about to cross their midlines, and price now standing below a bullish 20 SMA."



"Further slides below 1.3650 should signal a continuation towards 1.3610 area, probable bottom of the day."



"To the upside, a breach beyond mentioned 1.3700 figure seems unlikely for today, ahead of the mentioned macroeconomic releases."



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