21 Aug 2013
EUR/USD collapses post FOMC, recent rally at risk of unraveling
FXstreet.com (New York) - The EUR/USD technical pair collapsed further following the FOMC minutes Wednesday, crumbling to fresh lows during US trading and threatening to topple the recent rally.
Despite already being entrenched in negative territory, the EUR/USD has moved lower to 1.3341 in these moments, incurring staunch losses of -0.55% off its opening. Briefing the technicals, the EUR/USD remains fortified by support at 1.3323, (previous supports were broken at 1.3406, 1.3380, and 1.3354) notes the Danske Research Team.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD dropped earlier today below the critical 1.3385 level. Prolonged stability above the referred to level forces us to think the upside move might resume and that we are in a normal correction phase before extending a near-term upside move today. Failure below this level cancels this view, which could unravel the recent rally.”
Despite already being entrenched in negative territory, the EUR/USD has moved lower to 1.3341 in these moments, incurring staunch losses of -0.55% off its opening. Briefing the technicals, the EUR/USD remains fortified by support at 1.3323, (previous supports were broken at 1.3406, 1.3380, and 1.3354) notes the Danske Research Team.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD dropped earlier today below the critical 1.3385 level. Prolonged stability above the referred to level forces us to think the upside move might resume and that we are in a normal correction phase before extending a near-term upside move today. Failure below this level cancels this view, which could unravel the recent rally.”