EUR/USD keeps falling, 1.3270 on sight

By FXstreet.com | 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).



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. EUR/USD Daily Outlook - September 19
    Investing

    EUR/USD Daily Outlook - September 19

  4. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  5. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

Trading Center