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11 Aug 2014
EUR/USD keeps sub-1.3400 levels
FXStreet (Edinburgh) - The single currency remains below the 1.3400 handle on Monday, with the EUR/USD now bouncing off session lows around 1.3380.
EUR/USD down from 1.3450
Spot is retracing recent peaks near 1.3450, although it found decent support in the region of 2014 lows around 1.3340. Absent data in Euroland and the US today, the pair will look to the current geopolitical fronts in search for catalysts, albeit the low levels of volatility would encourage some consolidation. Camilla Sutton, Chief FX Strategist at Scotiabank, noted that the pair’s technicals are bearish, adding, “signals are fading and warming of a temporary period of rest before EUR pushes lower… Technicals still support medium-term downside but near-term developments are shifting to a more stable outlook”.
EUR/USD levels to consider
At the moment the pair is down 0.13% at 1.3391 and a breach of 1.3344 (low Aug.8) would open the door to 1.3337 (low Aug.7) and finally 1.3333 (2014 low Aug.6). On the upside, the initial hurdle remains at 1.3433 (high Aug.7) followed by 1.3445 (high Aug.1) and then 1.34353 (21-d MA).
EUR/USD down from 1.3450
Spot is retracing recent peaks near 1.3450, although it found decent support in the region of 2014 lows around 1.3340. Absent data in Euroland and the US today, the pair will look to the current geopolitical fronts in search for catalysts, albeit the low levels of volatility would encourage some consolidation. Camilla Sutton, Chief FX Strategist at Scotiabank, noted that the pair’s technicals are bearish, adding, “signals are fading and warming of a temporary period of rest before EUR pushes lower… Technicals still support medium-term downside but near-term developments are shifting to a more stable outlook”.
EUR/USD levels to consider
At the moment the pair is down 0.13% at 1.3391 and a breach of 1.3344 (low Aug.8) would open the door to 1.3337 (low Aug.7) and finally 1.3333 (2014 low Aug.6). On the upside, the initial hurdle remains at 1.3433 (high Aug.7) followed by 1.3445 (high Aug.1) and then 1.34353 (21-d MA).