EUR/USD technicals remain bearish

By FXstreet.com | Updated July 31, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3388, down -0.07% on the day, having posted a daily high at 1.3401 and low at 1.3372.



EUR/USD is being weighed on the broader theme of a stronger dollar and meanwhile, daily RSI is in neutral territory at 24.60. On the hourly EUR/USD chart, the 200 SMA is declining and currently at 1.3397, down from the previous hour close at 1.3447. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank, "EUR/USD short-term technicals: bearish. EUR is flirting with a break of Wednesday’s multimonth low, falling further below 1.34 as momentum indicators highlight an accelerated pace of decline. The RSI is close to reaching oversold levels at 20, however we feel that it is too early to call for a turn and note the strong trend exemplified by an ADX at 37."



EUR/USD Levels



With spot trading at 1.3389, we can see next resistance ahead at 1.3390 (Hourly 20 EMA), 1.3397 and 1.3410. Support below can be found at 1.3383 (Weekly Classic S1), 1.3372 (Daily Low) and 1.3344 (Daily Classic S2).



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