20 Jan 2014
EUR/USD below 1.3550 early in Asia
FXstreet.com (Córdoba) - The EUR/USD opened the week around the same price it closed last Friday and currently trades at 1.3525/30.
Last week the Euro lost 140 pips against the US dollar and finished below previous monthly lows (1.3550). Losses accelerated on Friday, when the pair lost almost a hundred pips.
Technical outlook for the EUR/USD
After a short-term recovery early in January, the EUR/USD resumed downside movements last Wednesday, after breaking below 1.3630. Later in the week fell under 1.3600 while on Friday reached levels under 1.3550, that according to Valeria Bednarik, Chief Analyst at FXStreet acts now as the immediate resistance.
According to Bednarik the 4-hour charts stand in negative territory, favoring a bearish continuation that could take the EUR/USD toward the next strong support area that stands around the 1.3440 area.
Last week the Euro lost 140 pips against the US dollar and finished below previous monthly lows (1.3550). Losses accelerated on Friday, when the pair lost almost a hundred pips.
Technical outlook for the EUR/USD
After a short-term recovery early in January, the EUR/USD resumed downside movements last Wednesday, after breaking below 1.3630. Later in the week fell under 1.3600 while on Friday reached levels under 1.3550, that according to Valeria Bednarik, Chief Analyst at FXStreet acts now as the immediate resistance.
According to Bednarik the 4-hour charts stand in negative territory, favoring a bearish continuation that could take the EUR/USD toward the next strong support area that stands around the 1.3440 area.