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EUR/USD retreats further from 1.14, eyes daily lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD weakened after the beginning of trading in Wall Street and tuned to the downside. Recently it reached 1.5355, the lowest level since the Asian session and is moving toward daily lows.

    Greenback strengthened across the board during the last hour, particularly versus the Swiss Fran, the euro and the yen. Stocks in the US opened with losses but now are near neutral territory. The Dow jones is now up 0.02% (or 3 points), after being down 105 points earlier.

    EUR/USD changing intraday trend

    Forma technical perspective, EUR/USD lost an important intraday support as it fell below the hourly 20-MA that stands at 1.1370. Below the next support could be seen at 1.1350, followed by daily lows at 1.1342.

    On European hours the pair traded above 1.1400 for the first time in almost a month and peaked at 1.1410, but failed to hold and started to retreat, accelerating after the release of the ZEW survey.

    On a wider perspective the pair continues to move sideways, after Friday’s rally. Currently trades at 1.1355/65, the level where it ended last week and also yesterday.

    For more information, read our latest forex news.

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