30 Apr 2014
EUR/USD drops below 1.3800
FXStreet (Córdoba) - Following a consolidation phase, the EUR/USD came under renewed pressure and printed fresh daily lows minutes ahead of the Eurozone consumer price index figures.
The EUR/USD lost the 1.3800/1.3795 support zone and triggered stops, falling to an 8-day low of 1.3786 in recent dealings. At time of writing, the EUR/USD is trading at 1.3790, 0.13% below its opening price as investors gear up for Eurozone CPI figures. Consensus points for a 0.8% annual rise in April versus 0.5% in March, still well below the 2% ECB target.
EUR/USD technical levels
In terms of technical levels, if the EUR/USD breaks below 1.3784 (Apr 22 low), next supports are seen at 1.3729 (100-day SMA) and 1.3700 (psychological level). On the flip side, resistances are seen at 1.3814 (Apr 30 high), 1.3878 (Apr 28 & 29 highs) and 1.3900 (psychological level).
The EUR/USD lost the 1.3800/1.3795 support zone and triggered stops, falling to an 8-day low of 1.3786 in recent dealings. At time of writing, the EUR/USD is trading at 1.3790, 0.13% below its opening price as investors gear up for Eurozone CPI figures. Consensus points for a 0.8% annual rise in April versus 0.5% in March, still well below the 2% ECB target.
EUR/USD technical levels
In terms of technical levels, if the EUR/USD breaks below 1.3784 (Apr 22 low), next supports are seen at 1.3729 (100-day SMA) and 1.3700 (psychological level). On the flip side, resistances are seen at 1.3814 (Apr 30 high), 1.3878 (Apr 28 & 29 highs) and 1.3900 (psychological level).