EUR/USD losing it’s shine and pressures are mounting

By FXstreet.com | June 23, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3592, down -0.06% on the day, having posted a daily high at 1.3615 and low at 1.3574.



EUR/USD is currently settled between its range after holding its own in Europe until the release of a disappointing set of PMIs that put a dampener on the pair and leaving it soft. Eurozone PMI’s fell to a six month low of 52.8. Also, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank suggested that, "Oil prices complicate the outlook for EUR, as rising oil prices will add to inflationary pressures, which should ease the disinflation burden faced by the ECB but complicate the growth outlook further”. She said that they hold a yearend 1.30 EUR forecast.



EUR/USD Levels



Spot is presently trading at 1.3592, and next resistance can be seen at 1.3599 (Daily Classic PP), 1.3607 (Weekly High), 1.3608 (Daily 20 SMA) and 1.3615 (Daily High). Support below can be found at 1.3590 (Daily Open), 1.3586 (Hourly 100 SMA), 1.3574 (Daily Low) and 1.3567 (Hourly 200 SMA).



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