FXstreet.com (Córdoba) – The EUR/USD bottomed at 1.3413, the bottom value in 4 days and presently is transferring off the lows supported via a restoration of US stocks, which might be additionally trimming losses but still in bad territory. The Dow Jones is falling zero.85% and the Nasdaq is down 1.02%. The Euro is testing ranges on top of 1.3450, dealing with resistance at 1.3460.
“relating to technical levels, supports are considered at 1.3360 after which at the 21Day decrease Bollinger degree at 1.3324. alternatively, resistance levels are seen at 1.3525, 1.3601 and then at 1.3737 which is also the 21DMA,” the speaking-forex.com analysis group wrote in it weekly wrap up.
On a wider perspective, James Chen, from FXDD affirms that the EUR/USD has begun a resumption of its bearish stance after making a bullish correction inside the context of a strong and steep breakout downtrend. “This new downtrend has its origins at the early September breakdown beneath a key wedge pattern and then beneath the 1.4000 price area, which represented a confluence of three essential improve elements: the 200-day simple shifting moderate, a key uptrend toughen line extending back to the June 2010 low extreme, and the 1.4000 psychological fortify/resistance degree.”