2 Sep 2013
EUR/USD allows deeper pullback to 1.3180
FXstreet.com (Edinburgh) -The EUR/USD is accelerating its intraday decline on Monday, putting multi-week lows around 1.3180 to the test.
EUR/USD resumes the bearish trend
The pair is extending its weekly decline after failing to follow through the critical 1.3400/20 band in the previous weeks, suggesting that an interim top may be in place. “A further sell-off is likely to follow, according to weekly price patterns. Heavy selling this week (after a marginally higher open Monday) leaves a big, bearish “engulfing” line on the weekly chart, signally a strong rejection of the trend breaks and the 100-week MA. A medium term top is in”, suggested S.Osborne and G.Moore, FX Strategists at TD Securities.
EUR/USD levels to watch
At the moment the pair is losing 0.06% at 1.2306 and a break below 1.3192 (low Sep.2) would open the door to 1.3173 (low Aug.30) and then 1.3143 (MA200d). On the upside, the initial hurdle aligns at 1.3255 (high Aug.30) followed by 1.3298 (low Aug.22) and finally 1.3322 (low Aug.27).
EUR/USD resumes the bearish trend
The pair is extending its weekly decline after failing to follow through the critical 1.3400/20 band in the previous weeks, suggesting that an interim top may be in place. “A further sell-off is likely to follow, according to weekly price patterns. Heavy selling this week (after a marginally higher open Monday) leaves a big, bearish “engulfing” line on the weekly chart, signally a strong rejection of the trend breaks and the 100-week MA. A medium term top is in”, suggested S.Osborne and G.Moore, FX Strategists at TD Securities.
EUR/USD levels to watch
At the moment the pair is losing 0.06% at 1.2306 and a break below 1.3192 (low Sep.2) would open the door to 1.3173 (low Aug.30) and then 1.3143 (MA200d). On the upside, the initial hurdle aligns at 1.3255 (high Aug.30) followed by 1.3298 (low Aug.22) and finally 1.3322 (low Aug.27).