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20 Nov 2013
EUR/USD in weekly lows near 1.3430
FXstreet.com (Edinburgh) - The shared currency keeps depreciating on Wednesday, dragging the EUR/USD to fresh weekly lows in the 1.3435/30 region.
EUR/USD hurt by rumours
Earlier rumours regarding the implementation of negative deposit rates by the ECB continue to punish the EUR, now reverting the weekly ascent to the vicinity of 1.3580 on Tuesday. The pair would remain under pressure, as the FOMC minutes are due later in the European evening. Camilla Sutton, Chief Strategist art Scotiabank, argued that the short term technical studies remain bearish, adding “We are biased to be short EUR; but think the risk reward is shifting with 8-sessions of higher highs and higher lows suggesting that upside momentum is intact. Support lies at 1.3480, resistance is in the recent 1.3538”.
EUR/USD levels to watch
The pair is now losing 0.76% at 1.3435 with the immediate support at 1.3418 (low Nov.14) ahead of 1.3390 (low Nov.13). On the upside, a breakout of 1.3561 (MA21) would aim for 1.3584 (high Nov.20) and then 1.3589 (high Nov.1).
EUR/USD hurt by rumours
Earlier rumours regarding the implementation of negative deposit rates by the ECB continue to punish the EUR, now reverting the weekly ascent to the vicinity of 1.3580 on Tuesday. The pair would remain under pressure, as the FOMC minutes are due later in the European evening. Camilla Sutton, Chief Strategist art Scotiabank, argued that the short term technical studies remain bearish, adding “We are biased to be short EUR; but think the risk reward is shifting with 8-sessions of higher highs and higher lows suggesting that upside momentum is intact. Support lies at 1.3480, resistance is in the recent 1.3538”.
EUR/USD levels to watch
The pair is now losing 0.76% at 1.3435 with the immediate support at 1.3418 (low Nov.14) ahead of 1.3390 (low Nov.13). On the upside, a breakout of 1.3561 (MA21) would aim for 1.3584 (high Nov.20) and then 1.3589 (high Nov.1).