28 May 2014
EUR/USD cracks below 1.3600
FXStreet (Córdoba) - The EUR/USD finally broke below mid-May lows and triggered stops, accelerating to fresh 3 ½-month lows sub-1.3600 at the beginning of the New York session.
The EUR/USD that was already on the back foot following disappointing Eurozone and German data, came under renewed pressure following a negative Wall Street opening, a day after the S&P 500 closed at a record high.
The EUR/USD pierced the 1.3600 level and hit a low of 1.3595 but bounced slightly and it is currently trading around 1.3600, still 0.24% down on the day. The US calendar is empty for the rest opf the day, so moves will likely come from technicals.
EUR/USD technical levels
In terms of technical levels, next supports are now seen at 1.3585 (Feb 13 low), 1.3563 (feb 12 low) and 1.3520 (38.2% Fibo of 1.2757/1.3993). On the other hand, resistances could be found at 1.3637 (May 28 high/200-day SMA), 1.3668 (May 27 high) and 1.3687 (May 22 high).
The EUR/USD that was already on the back foot following disappointing Eurozone and German data, came under renewed pressure following a negative Wall Street opening, a day after the S&P 500 closed at a record high.
The EUR/USD pierced the 1.3600 level and hit a low of 1.3595 but bounced slightly and it is currently trading around 1.3600, still 0.24% down on the day. The US calendar is empty for the rest opf the day, so moves will likely come from technicals.
EUR/USD technical levels
In terms of technical levels, next supports are now seen at 1.3585 (Feb 13 low), 1.3563 (feb 12 low) and 1.3520 (38.2% Fibo of 1.2757/1.3993). On the other hand, resistances could be found at 1.3637 (May 28 high/200-day SMA), 1.3668 (May 27 high) and 1.3687 (May 22 high).