EUR/USD losing the grip at 1.3540

By FXstreet.com | Updated June 10, 2014 AAA

FXStreet (Edinburgh) - The EUR/USD now accelerates its intraday descent below 1.3540 amidst increasing selling interest around the US dollar.

EUR/USD focus on post-ECB lows near 1.3500

In a context where speculators have increased their EUR short positions (according to the CFTC last report pre-ECB), spot is extending its correction from recent tops around 1.3670. in addition, the absence of significant releases in the euro docket plus scarce volatility in the global markets are combining to leave the pair more vulnerable. “Positioning does not appear to be a significant barrier to more EUR weakness - a multitude of surveys suggest the market is still only moderately short euro, given the Eurozone C/A surplus. We look to sell any rallies to the low 1.37s, eyeing 1.35 multi-day/week”, observed analysts at Westpac Global Strategy Group.

EUR/USD key levels

As of writing the pair is down 0.33% at 1.3548 with the immediate support at 1.3506 (low Jun.6) followed by 1.3482 (low Feb.6) and then 1.3477 (2014 low Feb.3). On the upside, a breakout of 1.3602 (high Jun.10) would expose 1.3649 (21-d MA) and finally 1.3656 (200-d MA).

Related Forex Analysis
  1. EUR/USD falls to 1.2560
    Forex News

    EUR/USD falls to 1.2560

  2. EUR/USD Remains At Risk With Bearish Engulfing Pattern In Tow
    Forex News

    EUR/USD Remains At Risk With Bearish Engulfing Pattern In Tow

  3. Euro May Look Past CPI Data, NZ Dollar Down on Building Permits Drop
    Forex News

    Euro May Look Past CPI Data, NZ Dollar Down on Building Permits Drop

  4. EUR/USD selling activity overwhelmingly from 4-10:30am EDT - SocGen
    Forex News

    EUR/USD selling activity overwhelmingly from 4-10:30am EDT - SocGen

  5. EUR/USD: Selling to accelerate below 1.2580 - FXStreet
    Forex News

    EUR/USD: Selling to accelerate below 1.2580 - FXStreet

Trading Center