EUR/USD drops further after FOMC minutes

By FXstreet.com | August 20, 2014 AAA

FXStreet (Córdoba) - The EUR/USD resumed the decline after a short lived recovery and printed a fresh 11-month low at 1.3254. Ahead of Wall Street closing bell the Euro remains near the lows, headed toward the third daily decline in a row.



The FOMC minutes boosted the US dollar across the board. The EUR/USD that was trading near 1.3300 before the document, dropped more than 30 pips, to fresh lows after the release.



EUR/USD technical outlook

“The hourly chart shows 20 SMA with a steady bearish slope right above current price, while indicators hold in negative territory, lacking directional strength at the time being not yet reflecting latest slide”, says Valeria Bednarik, Chief Analyst at FXStreet.



The 4-hour chart indicators are biased lower notes Bednarik, “despite in oversold levels, supporting a continuation of the dominant bearish trend”.



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