EUR/USD offered near 1.3380

By FXstreet.com | Updated August 05, 2014 AAA

FXStreet (Edinburgh) - The selling interest remains alive around the single currency on Tuesday, dragging the EUR/USD to a test of recent lows around 1.3380.



EUR/USD focus on US docket



The euro has reacted adversely after the mixed results from Services PMIs in the euro bloc, with sellers stepping in to fade the recent spike to levels around 1.3440/50. Next of note will be US Factory Orders (0.6% exp.) and the ISM Non manufacturing for the month of July (56.3 exp.). In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “The combination of ongoing downside pressure on inflation, weak confidence, disappointing PMIs and the negative impact of falling trade with Russia are likely to keep a relatively cautious tone at the ECB and support EUR downside”.



EUR/USD relevant levels



As of writing the pair is losing 0.27% at 1.3385 with the next support at 1.3366 (2014 low Jul.30) followed by 1.3359 (low Nov.12 2013) and then 1.3345 (low Nov.11 2013). On the other hand, a break above 1.3425 (high Aug.25) would target 1.3433 (high Aug.4) en route to 1.3445 (high Aug.1).



You May Also Like

Related Forex Analysis
  1. Forex News

    Reading between the lines…FOMC - ING

  2. Forex News

    EUR/USD steady into Tokyo bettered offered

  3. Forex News

    Why the Fed may underestimate disinflation - Rabobank

  4. Forex News

    Key events to come - Westpac

  5. Forex News

    EUR/USD heading to fresh year lows? - FXStreet

Trading Center