EUR/USD keeps falling, 1.3270 on sight

By FXstreet.com | Updated August 20, 2014 AAA

FXStreet (Edinburgh) - The single currency is intensifying the intraday drop, now dragging the EUR/USD to fresh multi-month levels near 1.3270.



EUR/USD bearishness intact



The offered tone in the EUR is accelerating on Wednesday amidst the ongoing USD rally and in light of today’s key FOMC minutes due in the European evening. Nothing worth mentioning data wise in Euroland today, with German Producer Prices contracting 0.1% inter-month in July. “We still favour fading short-term EURUSD gains and continue to believe that medium-term trends are geared towards sub-1.30 levels in weeks ahead. The risk is that those short-term rallies extend through to the low 1.35s, however”, observed Shaun Osborne, Chief FX Strategist at TD Securities.



EUR/USD levels to watch



The pair is now retreating 0.31% at 1.3278 with the immediate support at 1.3254 (low Sep.13 2013) followed by 1.3243 (low Sep.11 2013) and finally 1.3230 (low Sep.10 2013). On the flip side, a breakout of 1.3364 (high Aug.19) would expose 1.3392 (21-d MA) and then 1.3399 (high Aug.18).



Related Forex Analysis
  1. EUR/USD extends gains on weak USD
    Forex News

    EUR/USD extends gains on weak USD

  2. Bullish US Dollar Undermined by Shaky October Durable Goods Orders
    Forex News

    Bullish US Dollar Undermined by Shaky October Durable Goods Orders

  3. EUR/USD hits fresh highs above 1.2500 after US data
    Forex News

    EUR/USD hits fresh highs above 1.2500 after US data

  4. EUR/USD regains 1.2480
    Forex News

    EUR/USD regains 1.2480

  5. EUR Short Covering Elusive as More Talk of QE Inspires Bears
    Forex News

    EUR Short Covering Elusive as More Talk of QE Inspires Bears

Trading Center