EUR/USD technicals are bearish short term

By FXstreet.com | Updated July 29, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3411, down -0.21% on the day, having posted a daily high at 1.3445 and low at 1.3404.



EUR/USD short-term technicals are bearish and recent consolidation likely to give way to further downside, as explained by Eric Theoret, Currency Strategist at Scotiabank. “There is broad agreement among both momentum and trend indicators. We await a near term break of 1.3400, with the next key medium-term downside level at 1.3248—the 38.2% Fibo retracement level of the two-year rally in EUR."



EUR/USD Levels



With spot trading at 1.3412, we can see next resistance ahead at 1.3418 (Daily Classic S2), 1.3426 (Hourly 20 EMA), 1.3427 (Yesterday's Low), 1.3429 (Daily Classic S1). Support below can be found at 1.3404 (Daily Low), 1.3383 (Weekly Classic S1), 1.3337 (Weekly Classic S2) and 1.3253 (Weekly Classic S3).



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