12 Jan 2015
EUR/USD dips below 1.1800 to fresh daily lows
FXStreet (Córdoba) - The euro-dollar pair came under pressure during the European session and slid back below the 1.18 mark as the greenback took back early losses.
After failing to break above the 1.1870 resistance area, EUR/USD turned lower and dropped to a fresh daily low of 1.1792 in recent dealings.At time of writing, the pair is trading at 1.1798, posting a 0.37% loss on the day, with no major data scheduled ahead.
The euro remains weak across the board as despite lingering doubts about ECB action, investors seem positioned for QE.
EUR/USD technical outlook
"Technically, the EUR/USD 4 hours chart shows that the price is back below its 20 SMA, while indicators lost their upward momentum and turn south: Momentum holds so far above 100 but RSI accelerates below 40, pointing for some further declines, particularly if the price accelerates through 1.1800, towards 1.1740/60 price zone", said Valeria Bednarik, chief analyst at FXStreet. "The daily high stands at 1.1869, and it will take a break above it to see the pair extending its advance up to 1.1910/20 price zone".
After failing to break above the 1.1870 resistance area, EUR/USD turned lower and dropped to a fresh daily low of 1.1792 in recent dealings.At time of writing, the pair is trading at 1.1798, posting a 0.37% loss on the day, with no major data scheduled ahead.
The euro remains weak across the board as despite lingering doubts about ECB action, investors seem positioned for QE.
EUR/USD technical outlook
"Technically, the EUR/USD 4 hours chart shows that the price is back below its 20 SMA, while indicators lost their upward momentum and turn south: Momentum holds so far above 100 but RSI accelerates below 40, pointing for some further declines, particularly if the price accelerates through 1.1800, towards 1.1740/60 price zone", said Valeria Bednarik, chief analyst at FXStreet. "The daily high stands at 1.1869, and it will take a break above it to see the pair extending its advance up to 1.1910/20 price zone".