EUR/USD grinds lower on weak EMU Services PMI - FXStreet

By FXstreet.com | August 05, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the EUR/USD fell on Tuesday to 1.3380 following the release of the disappointing Eurozone PMI services numbers.



Key quotes



"Technically, failure to advance beyond the 23.6% retracement of the 1.3639/1.3366 daily fall has helped discouraging buyers."



"The hourly chart presents a strong bearish tone, as indicators continue heading south despite in oversold levels, while price stands now below its moving averages."



"In the 4 hours chart technical readings also present a bearish stance, with 1.3366 this year low coming as immediate support in route to 1.3295."



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD recovering from Asian lows
    Forex News

    GBP/USD recovering from Asian lows

  2. USD/JPY mellow on the back of USD sell-off
    Forex News

    USD/JPY mellow on the back of USD sell-off

  3. Dollar Cheered in Press, But Data and Fed Chatter Turning
    Forex News

    Dollar Cheered in Press, But Data and Fed Chatter Turning

  4. EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation
    Forex News

    EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation

  5. US Dollar Technical Analysis: Is a Pullback in the Cards?
    Forex News

    US Dollar Technical Analysis: Is a Pullback in the Cards?

Trading Center