3 Sep 2013
EUR/USD highly vulnerable below 1.3200, staunch downside weighs
FXstreet.com (Lisbon) - The EUR/USD foreign exchange rate broke below the 1.3200 level earlier today, bottoming out at 1.3161 (session low) during European trading.
At this juncture, the EUR/USD is now trading at 1.3176, incurring a fall of -0.10% off its opening. Briefing the technicals, the EUR/USD remains fortified above support at 1.3171, ahead of 1.3156, and 1.3128, notes the Mataf.net analyst team.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD dropped and is currently attempting to break 38.2% correction at 1.3185, as breaking it might extend the downside move. Linear Regression Indicators tend to be negative and the drop is a response to breaking the key support level of the ascending channel. Trading below 1.3185 levels forces us to ignore the oversold signals showing on momentum indicators.”
At this juncture, the EUR/USD is now trading at 1.3176, incurring a fall of -0.10% off its opening. Briefing the technicals, the EUR/USD remains fortified above support at 1.3171, ahead of 1.3156, and 1.3128, notes the Mataf.net analyst team.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD dropped and is currently attempting to break 38.2% correction at 1.3185, as breaking it might extend the downside move. Linear Regression Indicators tend to be negative and the drop is a response to breaking the key support level of the ascending channel. Trading below 1.3185 levels forces us to ignore the oversold signals showing on momentum indicators.”