17 Jan 2014
Flash: EUR/USD fresh lows target now at 1.3440 area - FXstreet
FXstreet.com (Barcelona) - Valeria Bednarik, Chief Analyst at FXstreet.com notes that EUR/USD fell to a fresh 8-day low of 1.3564, having been under pressure since early European morning.
Key Quotes
“It finally accelerated below the daily ascendant trend line coming from 1.2754 past July monthly low.US housing data were slightly negative, with housing starts falling 9.8% and permits for future projects declining 3%, albeit November was revised higher.”
“US futures turned red after the release, and the news had had little to do with current EUR weakness, as the bearish leg was triggered well before them.”
“The technical picture continues to suggest bears are in control, with the hourly chart showing price well below its 20 SMA and indicators heading lower in negative territory. In the 4 hours chart price extends below 20 SMA and 200 EMA, while indicators stand in negative territory although mostly flat, showing no actual strength at the time being.”
“This month low at 1.3547 comes now as immediate support to follow and once below, the pair will likely extend its slide, eyeing the strong midterm support in the 1.3440 price zone.”
“Support levels: 1.3550 1.3520 1.3480. Resistance levels: 1.3610 1.3650 1.3690”
Key Quotes
“It finally accelerated below the daily ascendant trend line coming from 1.2754 past July monthly low.US housing data were slightly negative, with housing starts falling 9.8% and permits for future projects declining 3%, albeit November was revised higher.”
“US futures turned red after the release, and the news had had little to do with current EUR weakness, as the bearish leg was triggered well before them.”
“The technical picture continues to suggest bears are in control, with the hourly chart showing price well below its 20 SMA and indicators heading lower in negative territory. In the 4 hours chart price extends below 20 SMA and 200 EMA, while indicators stand in negative territory although mostly flat, showing no actual strength at the time being.”
“This month low at 1.3547 comes now as immediate support to follow and once below, the pair will likely extend its slide, eyeing the strong midterm support in the 1.3440 price zone.”
“Support levels: 1.3550 1.3520 1.3480. Resistance levels: 1.3610 1.3650 1.3690”