28 Oct 2013
EUR/USD threatens daily lows
FXstreet.com (Córdoba) - The EUR/USD hit a fresh daily low at the beginning of the American session after data showed industrial production grew more than expected in September, while pending home sales slumped.
The EUR/USD slipped below the 100-hour SMA and fell to a low of 1.3774 before finding support and recovering slightly to currently trade around 1.3785, still 0.1% below its opening price.
EUR/USD technical perspective
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com, notes that the hourly chart presents a slightly bearish tone, with price below its 20 SMA and indicators in negative territory, with 1.3740 October 23rd low as immediate support. "In the 4 hours chart, technical readings also turn south testing their midlines, as price attempts to break below its 20 SMA, still far from supporting a bearish continuation", Bednarik adds.
The EUR/USD slipped below the 100-hour SMA and fell to a low of 1.3774 before finding support and recovering slightly to currently trade around 1.3785, still 0.1% below its opening price.
EUR/USD technical perspective
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com, notes that the hourly chart presents a slightly bearish tone, with price below its 20 SMA and indicators in negative territory, with 1.3740 October 23rd low as immediate support. "In the 4 hours chart, technical readings also turn south testing their midlines, as price attempts to break below its 20 SMA, still far from supporting a bearish continuation", Bednarik adds.