FXStreet (Edinburgh) - After hitting fresh intraday lows near 1.3340, the EUR/USD is now extending the rebound to the vicinity of 1.3370, as buying interest seems to be creeping back to the markets.

EUR/USD supported at 2014 lows

The 1.3340/30 band remains a tough barrier for EUR-bears so far, as demonstrated by the current bounce off the area to test the 1.3370 level. However, weakness is set to remain around the EUR following lower consumer prices in Spain and Germany during July. Later on, US Retail Sales are due, with consensus pointing to a small gain of 0.2%, improving the recent weather-induced contractions. “Despite the decent bounce from the low of 1.3336, the up-tick is lacking in momentum. Expect 1.3350/1.3390 trading range for today but a clear break above 1.3390 would signal the start of a move towards last week’s high near 1.3430/35”, suggested Quek Ser Leang, Market Strategist at UOB Group.

EUR/USD relevant levels

At the moment the pair is losing 0.03% at 1.3364 facing the next support at 1.3336 (low Aug.12) ahead of 1.3333 (2014 low Aug.6) and then 1.3318 (low Nov.8 2013). On the flip side, a breakout of 1.3386 (high Aug.12) would target 1.3389 (Tenkan Sen) en route to 1.3410 (high Aug.11).

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/USD: Greek referendum and bulls still stepping in

  2. Forex News

    EUR/USD: Year-end forecast of 1.05 despite Grexit risk - JPMorgan

  3. Forex News

    EUR/USD: Caution! Big volatility on Greek referendum

  4. Forex News

    EUR/USD: 'Grexit' worth 5 to 10 cents of maximum downside - JPMorgan

  5. Forex News

    Euro Plunges as Greece Rejects EU Debt Deal at Referendum

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!