EUR/USD making a fresh year low - FXStreet

By FXstreet.com | July 29, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the greenback was strengthening for most o the last two sessions with the EUR/USD extended its decline.



Key Quotes:



EUR/USD… to a fresh year low of 1.3402 on the day, with no news driving the movement but dollar demand ahead of key macro data on the upcoming days”.



“Consumer confidence advanced some improvement in local economic conditions rising up to 90.9, levels not seen since 2007, but dollar gains began before the release”.



“As for the EUR/USD, market sentiment is still strongly bearish, with the hourly chart showing indicators turning flat in oversold levels, anticipating some consolidation rather than a reversal in the short term”.



“In the 4 hours chart technical readings also are bearish supportive, with short term sellers now in the 1.3440 price zone”.



“Support levels: 1.3410 1.3380 1.3335”.



“Resistance levels: 1.3440 1.3475 1.3500”.



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