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6 Aug 2014
EUR/USD trims losses, rises back above 1.3350
FXStreet (Córdoba) - The EUR/USD dropped earlier to 1.3332 hitting a fresh 9-month low and after Wall Street opening bell managed to trim losses. The Euro rose to 1.3360 and currently is trading around 1.3355, 15 pips below the level it has at the beginning of the day.
Despite the recent recovery the EUR/USD is still facing downside pressure and is headed toward the third daily loss in a row and the lowest close since September 2013.
EUR/USD technical outlook
“The hourly chart shows price capped below its 20 SMA and indicators in negative territory, while in the 4 hours chart a strong bearish momentum prevails despite indicators stand in oversold territory”, says Valeria Bednarik, Chief Analyst at FXStreet.
Despite the recent recovery the EUR/USD is still facing downside pressure and is headed toward the third daily loss in a row and the lowest close since September 2013.
EUR/USD technical outlook
“The hourly chart shows price capped below its 20 SMA and indicators in negative territory, while in the 4 hours chart a strong bearish momentum prevails despite indicators stand in oversold territory”, says Valeria Bednarik, Chief Analyst at FXStreet.