EUR/USD testing 1.3200… and below

By FXstreet.com | August 24, 2014 AAA

FXStreet (Edinburgh) - The selling pressure is not giving up on the single currency at the beginning of the week, dragging the EUR/USD to put the 1.3200 support to the test.

EUR/USD weaker, much weaker

Spot is following the dovish appreciations by BCE’s Mario Draghi over the weekend, printing fresh ytd lows in levels last seen in mid-September 2013. President Draghi left the door open for further easing in his speech at the Jackson Hole Symposium, taking a toll on the EUR. The German IFO indicator is due next in the euro area, although it will barely be a market mover against the current backdrop of increasing selling interest; in the US economy, the Services/Composite PMI gauged by Markit and New Home Sales will grab all the attention.

EUR/USD key levels

At the moment the pair is losing 0.35% at 1.3195 with the next support at 1.3157 (low Sep.9 2013) followed by 1.3105 (low Sep.6 2013) and finally 1.3089 (low Jul.19 2013). On the flip side, a breakout of 1.3297 (high Aug.22) would aim for 1.3324 (high Aug,20) and then 1.3361 (21-d MA).

comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  3. Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low
    Forex News

    Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low

  4. GBP/USD nervous below 1.6200, waiting for data
    Forex News

    GBP/USD nervous below 1.6200, waiting for data

  5. Dollar’s Current Bull Leg Strongest since Rally Through Crisis
    Forex News

    Dollar’s Current Bull Leg Strongest since Rally Through Crisis

Trading Center