23 Jul 2014
EUR/USD hits a lower low
FXStreet (Córdoba) - The EUR/USD is taking a breather Wednesday, consolidating in a tight range, yet having posted a fresh 8-month low at the beginning of the European session.
The EUR/USD accelerated south Tuesday, giving up the 1.3500 mark, and following a quieter phase it stretched a tad lower to hit its lowest level since November at 1.3454. However, euro bears have lacked determination to take the pair below 1.3450 toward the 1.3400 level, which stands as next major support for the pair.
At time of writing, the EUR/USD is trading at 1.3465, virtually unchanged on the day but having dropped 0.45% so far this week.
EUR/USD technical outlook
There is not much in terms of economic data scheduled for today, so the pair may struggle for direction. However, from a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes the bearish bias is quite strong.
“Below 1.3450, 1.3400/10 area comes as immediate short term target, followed by the 1.3355 price zone”, said Bednarik. “Above 1.3500, some upward correction is possible towards 1.3535 area, yet further gains are not seen for today”.
The EUR/USD accelerated south Tuesday, giving up the 1.3500 mark, and following a quieter phase it stretched a tad lower to hit its lowest level since November at 1.3454. However, euro bears have lacked determination to take the pair below 1.3450 toward the 1.3400 level, which stands as next major support for the pair.
At time of writing, the EUR/USD is trading at 1.3465, virtually unchanged on the day but having dropped 0.45% so far this week.
EUR/USD technical outlook
There is not much in terms of economic data scheduled for today, so the pair may struggle for direction. However, from a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes the bearish bias is quite strong.
“Below 1.3450, 1.3400/10 area comes as immediate short term target, followed by the 1.3355 price zone”, said Bednarik. “Above 1.3500, some upward correction is possible towards 1.3535 area, yet further gains are not seen for today”.