31 Oct 2013
EUR/USD retesting 1.37 support, bears in control
FXstreet.com (Barcelona) - The EUR/USD is extending its losses along Asia, currently testing bids at the 1.37 handle, exact same area where it stalled post FOMC, representing a technical support aligning with Oct 18 peak.
EUR/USD maintains a strong bearish tone according to the hourly chart, says Valeria Bednarik, Chief Analyst at FXstreet.com, adding that "failure to quickly regain 1.3750 will likely keep the pressure to the downside, with next big hurdle of buyers waiting around 1.3640."
The move, which has come in impulsive waves, reflects the somewhat increased optimism that the Fed left the door open to start the tapering of its bond purchasing program by December this year or January 2014.
EUR/USD maintains a strong bearish tone according to the hourly chart, says Valeria Bednarik, Chief Analyst at FXstreet.com, adding that "failure to quickly regain 1.3750 will likely keep the pressure to the downside, with next big hurdle of buyers waiting around 1.3640."
The move, which has come in impulsive waves, reflects the somewhat increased optimism that the Fed left the door open to start the tapering of its bond purchasing program by December this year or January 2014.