30 Jan 2014
EUR/USD dips below 1.3550, 1-week lows
FXstreet.com (Córdoba) - The shared currency can't catch a break Thursday, with the EUR/USD having lost more than 100 pips throughout the day, weighed by a combination of Eurozone and US data, EM jitters and Fed's decision to taper its QE program by another $10 billion.
The EUR/USD broke below the 1.3600 mark and the 100-day SMA (1.3590), and extended the decline to a 1-week low of 1.3543 in recent dealings. At time of writing, the EUR/USD is trading at the 1.3550 area, recording a 0.8% loss since opening.
EUR/USD technical perspective
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that short-term technical readings show a strong bearish tone, "with a break below 1.3550 exposing the pair for a test of the 1.3500 area".
Below 1.3550, Bednarik locates next supports at 1.3510 and 1.3470, while she sees resistances at 1.3590, 1.3630 and 1.3675.
The EUR/USD broke below the 1.3600 mark and the 100-day SMA (1.3590), and extended the decline to a 1-week low of 1.3543 in recent dealings. At time of writing, the EUR/USD is trading at the 1.3550 area, recording a 0.8% loss since opening.
EUR/USD technical perspective
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that short-term technical readings show a strong bearish tone, "with a break below 1.3550 exposing the pair for a test of the 1.3500 area".
Below 1.3550, Bednarik locates next supports at 1.3510 and 1.3470, while she sees resistances at 1.3590, 1.3630 and 1.3675.