EUR/USD hits fresh 2014 lows

By FXstreet.com | August 05, 2014 AAA

FXStreet (Córdoba) - The EUR/USD took another step lower and printed fresh YTD lows as the greenback strengthened following better-than-expected factory orders and ISM non-manufacturing PMI.



The EUR/USD has been under pressure since early European session and broke below the 1.3400 mark, although the catalyst wasn’t that clear. However, during the New York session upbeat US data gave the dollar a lift and sent the EUR/USD to its lowest level since November 2013 at 1.3362.



US factory orders rose 1.1% versus 0.6% expected in June, while the ISM non-manufacturing PMI rose to 58.7 in July versus 56.3 forecasted.



EUR/USD technical levels



The pair continues to trade near recent lows, recording a 0.40% loss on the day, with immediate supports now seen at 1.3344 (Nov 11 low), 1.3317 (Nov 8 low) and 1.3300 (psychological level). On the flip side, resistances could be found at 1.3425 (10-day SMA), 1.3444 (Aug 1 high) y 1.3475 (Jul 25 high).



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