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11 Feb 2014
EUR/USD retesting lows near 1.3630
FXStreet (Edinburgh) - The shared currency is intensifying its decline against the greenback on Tuesday, dragging the EUR/USD back to session lows around 1.3630.
EUR/USD fading the rally
The area around 1.3680/85 continues to offer strong resistance to EUR-bulls. Another failure to follow through it sparked a deep retracement to re-test intraday troughs in the 1.3630 region, despite the dovish tone from Yellen’s speech. According to Camilla Sutton, Chief FX Strategist at Scotiabank, short-term technicals are mixed “but increasingly bullish for short term traders as the RSI climbs above 50, there is strong upward momentum in stop and the MACD generates a buy signal. Support lies at the 100-day MA at 1.3611 and resistance lies at 1.3739”.
EUR/USD levels to watch
The pair is now retreating 0.06% at 1.3637 with the immediate support at 1.3615 (30-d MA) ahead of 1.3611 (100-d MA) and finally 1.3609 (low Feb.10). On the flip side, a breakout of 1.3689 (high Jan.28) would expose 1.3716 (high Jan.27) and then 1.3721 (daily cloud top).
EUR/USD fading the rally
The area around 1.3680/85 continues to offer strong resistance to EUR-bulls. Another failure to follow through it sparked a deep retracement to re-test intraday troughs in the 1.3630 region, despite the dovish tone from Yellen’s speech. According to Camilla Sutton, Chief FX Strategist at Scotiabank, short-term technicals are mixed “but increasingly bullish for short term traders as the RSI climbs above 50, there is strong upward momentum in stop and the MACD generates a buy signal. Support lies at the 100-day MA at 1.3611 and resistance lies at 1.3739”.
EUR/USD levels to watch
The pair is now retreating 0.06% at 1.3637 with the immediate support at 1.3615 (30-d MA) ahead of 1.3611 (100-d MA) and finally 1.3609 (low Feb.10). On the flip side, a breakout of 1.3689 (high Jan.28) would expose 1.3716 (high Jan.27) and then 1.3721 (daily cloud top).