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

    EUR/USD dropped below the 1.10 level - FXStreet

  2. Forex News

    EUR/USD bounces off 1.0990

  3. Forex News

    EUR/USD: Bears attacking the psychological whole numbers - Soctiabank

  4. Forex News

    EUR/USD Prints Below 1.10; Chart Levels at 1.0915 and 1.0765

  5. Forex News

    ECB: Cards out on the table; bullish outlook - Rabobank

Trading Center