FXStreet (Córdoba) - The EUR/USD dropped further during the American session and reached at 1.3420, a fresh 8-month low after breaking below 1.3430. Price remains under pressure near the lows.
After rising to 1.3474 in the first hours of the European session the EUR/USD turned to the downside and since then it has been moving with a bearish intraday bias.
EUR/USD technical outlook
“Technically, the pair presents a strong bearish potential according to the daily chart, as 20 SMA turned strongly down well above current price, while indicators stand in negative territory, with RSI still heading south despite in oversold territory”, says Valeria Bednarik, Chief Analyst at FXStreet.
The 1.3475 level has been attracting sellers notes Bednarik, “as long as below the level the downside is favored towards 1.3295 November 2013 monthly low”.