FXStreet (Edinburgh) - The EUR/USD seems to have found decent support around 1.3240 on Thursday against the ongoing backdrop of USD strength.



EUR/USD slid through the 1.3295 November 2013 low and has reached the 38.2% Fibonacci retracement of the 2012-14 rise at 1.3249 en route to the 1.3105 September low and the psychological 1.3000 region”, commented Axel Rudolph, Senior Technical Analyst at Commerzbank.



In addition, Market Strategist Quek Ser Leang at UOB Group, suggested, “The break of the strong support at 1.3290/95 resulted in a sharp drop to an overnight low of 1.3255. Despite oversold conditions, there are no signs of stabilization just yet and the current weakness is expected to extend towards 1.3240. Only a move back above 1.3295 would indicate that a temporary low is in place”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  2. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

  3. Forex News

    Strategy Video: Am I Over or Under Trading, And How Do I Correct It?

  4. Forex News

    Nonfarm Payrolls coming up: expectations -TDS

  5. Forex News

    EUR/USD regains 1.10, Payrolls eyed

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!