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31 Jul 2014
EUR/USD comes with a strong bearish tone
FXStreet (Guatemala) - EUR/USD is trading at 1.3395, down -0.01% on the day, having posted a daily high at 1.3399 and low at 1.3392.
Val Bednarik, Chief analyst at FXStreet explained that the EUR/USD sunk to a fresh year low of 1.3367 on the news, where it held until FOMC. “Latest rally was contained by sellers in the 1.3400 area with the hourly chart showing price unable to open a candle above a still bearish 20 SMA and indicators just correcting extreme oversold readings accomplished earlier on the day. In the 4 hours chart momentum maintains a strong bearish tone, while RSI stands around 30 still trying to correct higher. Overall, the downside remains favored, with a break below the daily low exposing 1.3295, November 2013 monthly low”.
EUR/USD Levels
With spot trading at 1.3396, we can see next resistance ahead at 1.3399 (Daily High), 1.3405, 1.3440 and 1.3475. Support below can be found at 1.3395 (Hourly 20 EMA), 1.3392 (Daily Low), 1.3383 (Weekly Classic S1) and 1.3377 (Daily Classic S2), 1.3370, 1.3335 and 1.3295.
Val Bednarik, Chief analyst at FXStreet explained that the EUR/USD sunk to a fresh year low of 1.3367 on the news, where it held until FOMC. “Latest rally was contained by sellers in the 1.3400 area with the hourly chart showing price unable to open a candle above a still bearish 20 SMA and indicators just correcting extreme oversold readings accomplished earlier on the day. In the 4 hours chart momentum maintains a strong bearish tone, while RSI stands around 30 still trying to correct higher. Overall, the downside remains favored, with a break below the daily low exposing 1.3295, November 2013 monthly low”.
EUR/USD Levels
With spot trading at 1.3396, we can see next resistance ahead at 1.3399 (Daily High), 1.3405, 1.3440 and 1.3475. Support below can be found at 1.3395 (Hourly 20 EMA), 1.3392 (Daily Low), 1.3383 (Weekly Classic S1) and 1.3377 (Daily Classic S2), 1.3370, 1.3335 and 1.3295.