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2 Jan 2014
EUR/USD pushes below 1.3700
FXstreet.com (Barcelona) - Having posted an overnight high at 1.3775, EUR/USD has declined steadily throughout the European session to post a low at 1.3690 where it is presently trading.
EUR/USD lower on USD Strengthening
This morning has seen generally better than expected European Manufacturing PMI data, with only France missing forecasts, and Eurozone data in line with expectations, at highs since 2011. Trading so far has been characterised by USD strength in what has been a slow start to the New Year, despite a lack of news and noticeable flow. Matt Bacon-Hall of FXBeat notes that spot has triggered stops below 1.3700, with bids lined up around 1.650-60. Ahead we have US Initial and Continuing Jobless Claims, before Manufacturing PMI.
What are EUR/USD’s key levels ahead?
Hourly RSI has dipped into oversold territory at 24, with ADX at 19. The hourly 200 SMA sits at 1.3726, sloping lower, with the daily 20 EMA at 1.3704 and pushing higher. 1.3654 represents the next significant low (Dec 24) before 1.3625 (Dec 20). and 1.3619 (Dec 6). Downside momentum could accelerate if spot is able to push past these support levels, with no technical support seen ahead until the range between 1.3546-12.
EUR/USD lower on USD Strengthening
This morning has seen generally better than expected European Manufacturing PMI data, with only France missing forecasts, and Eurozone data in line with expectations, at highs since 2011. Trading so far has been characterised by USD strength in what has been a slow start to the New Year, despite a lack of news and noticeable flow. Matt Bacon-Hall of FXBeat notes that spot has triggered stops below 1.3700, with bids lined up around 1.650-60. Ahead we have US Initial and Continuing Jobless Claims, before Manufacturing PMI.
What are EUR/USD’s key levels ahead?
Hourly RSI has dipped into oversold territory at 24, with ADX at 19. The hourly 200 SMA sits at 1.3726, sloping lower, with the daily 20 EMA at 1.3704 and pushing higher. 1.3654 represents the next significant low (Dec 24) before 1.3625 (Dec 20). and 1.3619 (Dec 6). Downside momentum could accelerate if spot is able to push past these support levels, with no technical support seen ahead until the range between 1.3546-12.