EUR/USD rushes to fresh lows

By FXstreet.com | August 18, 2014 AAA

FXStreet (Córdoba) - The EUR/USD trades a tad softer Monday, having fallen to fresh lows at the beginning of the NY session after failing once again to close the day - and the week - above the 1.3400 level.

With no much in the data front to inspire traders, the EUR/USD has been confined to a narrow familiar range, although facing some pressure after the Wall Street opening. At time of writing, the EUR/USD is trading at 1.3375, down 0.16% since Friday’s close, having scored a low of 1.3368 so far.

Activity might pick up tomorrow, as the US releases housing and inflation data, while investors will be paying attention to the Fed minutes Wednesday and the Jackson Hole symposium Friday in the search for clues about the Fed’s next steps.

EUR/USD technical outlook

Valeria Bednarik, chief analyst at FXStreet notes that hourly indicators are pointing south below their midlines, limiting advances in the short term. “In the 4 hours chart the pair maintains a neutral stance, with the expected range still being 1.3330/1.3440”, the analyst adds.

Bednarik locates immediate support levels at 1.3330 and 1.3295, while she sees resistances at 1.3405, 1.3440 and 1.3485.

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