EUR/USD pressing on 1.36 handle to the downside

By FXstreet.com | July 10, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3602, down -0.05% on the day, having posted a daily high at 1.3610 and low at 1.3602.

We have seen risk aversion coming back into play, starting in the London morning that was however partly unwound in New York as Sean Callow, analyst at Westpac Banking Corporation ABN explained, and noting that it still left EUR/USD lower. “The main driver appeared to be concern over Portuguese banks” he said. However, if we look across the board of euro crosses and monitor the recent data releases, there is in general an increased bearish sentiment for the single currency and Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that one warning signal is coming from the option market, where risk reversals suggest traders have been protecting against potential EUR upside pressure since the beginning of June. “Over the next few sessions we’d expect this to fade but it is worth monitoring."

EUR/USD Levels

With spot trading at 1.3603, we can see next resistance ahead at 1.3609 (Daily Open), 1.3610 (Daily High), 1.3610 (Hourly 100 SMA), 1.3612 (Hourly 20 EMA) and 1.3612 (Daily Classic S1). Support below can be found at 1.3602 (Daily Low), 1.3595 (Weekly Low), 1.3589 (Yesterday's Low), 1.3583 (Daily Classic S2) and 1.3564 (Daily Classic S3).

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