EUR/USD threatening daily lows

By FXstreet.com | August 11, 2014 AAA

FXStreet (Córdoba) - The EUR/USD managed to pause its pullback from Friday’s highs at the 1.3380 support area, as in the absence of data, trading has been driven by some optimism in financial markets.

The EUR/USD came under mild pressure during the European trade and slid back below 1.3400, stretching to a low of 1.3381 before finding support. Most of the FX pairs are going through a phase of consolidation with short-term indicators flat following Friday’s wider moves. At time of writing, the EUR/USD is trading near lows at 1.3385, 0.17% below its opening price.

Tomorrow, German and Eurozone ZEW surveys will likely attract markets’ attention while from the US data will remain light until Wednesday’s retail sales figures release.

EUR/USD technical perspective

“The immediate support stands at 1.3370 and a break below should see the pair retesting recent lows around 1.3330, albeit further range is expected at least until Asian session”, said Valeria Bednarik, chief analyst at FXStreet.

Bednarik locates next support levels at 1.3370, 1.3330 and 1.3295, while she places resistances at 1.3450, 1.3475 and 1.3500.

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center