EUR/USD pressuring support at 1.3500 - TD Securities

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Łódź) - Shaun Osborne and Martin Schwerdtfeger, FX Strategista at TD Securities stress they had been negative on the EUR outlook since the May sell-off in EUR/USD and break under the double top neckline trigger at 1.3676, which has served as an effective cap on the market since the initial breakdown.

Key quotes



"The fact that resistance has contained EUR rebounds rather serves to confirm the influence of the formation on spot’s direction we think."



"The double top at 1.3965 (and the break under the neckline trigger) targets a drop back to the upper 1.33s—our long-held target for a downside extension."



"Trend momentum is negative on the shorter-term (6-hour and daily) studies."



"Even with spot reversing from the intraday low and closing unchanged on the day Friday (producing a “doji” candle on the daily chart), we expect only limited near-term gains and more pressure on minor support in the high 1.34s this week."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Forex Sentiment & Volume Analysis - EURUSD

  2. Forex News

    Forecast: Dollar Faces NFPs, Euro Anticipating Greece and Risk Languishes

  3. Forex News

    Fed Fear Builds USD, Greece Unnerves the Euro but S&P Yet to Collapse

  4. Forex News

    A glance at the strong dollar and implications - BBH

  5. Forex News

    EUR/USD: Extraordinary price action - Rabobank

Trading Center