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9 Jul 2013
EUR/USD retracing off earlier lows
FXstreet.com (New York) - The EUR/USD foreign exchange rate successfully slowed its decline, which was plunging seemingly unchecked earlier today during US trading (1.2755 daily low).
Technical overview
However, since bottoming out, the EUR/USD has managed to grind higher and erase a portion of what has thus far coalesced into sizable losses. In recent minutes, the EUR/USD is now operating at 1.2785, though still incurring a loss of -0.66% below its opening levels. The 50-day SMA is providing immediate support, which seems to have gained a handle and at least counteracted any immediate downside woes facing the pair. The next supportive level will now trigger at 1.2744, notes the Danske Research Team.
Strategic bias
According to the InnerFX trading team, “The Euro keeps getting closer to recent lows in the 1.27 area and so there’s just no reason to expect seeing a strong recovery just yet. We recommend selling into minor rallies – probably the best bet for now. The upward trendline highlighted has been breached and is now providing resistance. Market sentiment remains bearish in the short-term.”
Moreover, as “the EUR/USD traded very weakly during the European and US sessions and is currently stabilizing below 1.2875 levels we will hold on to our negative expectations near-term eventually targeting the 1.2675 level.” warns the Technical Analyst team at ICN.com.
Technical overview
However, since bottoming out, the EUR/USD has managed to grind higher and erase a portion of what has thus far coalesced into sizable losses. In recent minutes, the EUR/USD is now operating at 1.2785, though still incurring a loss of -0.66% below its opening levels. The 50-day SMA is providing immediate support, which seems to have gained a handle and at least counteracted any immediate downside woes facing the pair. The next supportive level will now trigger at 1.2744, notes the Danske Research Team.
Strategic bias
According to the InnerFX trading team, “The Euro keeps getting closer to recent lows in the 1.27 area and so there’s just no reason to expect seeing a strong recovery just yet. We recommend selling into minor rallies – probably the best bet for now. The upward trendline highlighted has been breached and is now providing resistance. Market sentiment remains bearish in the short-term.”
Moreover, as “the EUR/USD traded very weakly during the European and US sessions and is currently stabilizing below 1.2875 levels we will hold on to our negative expectations near-term eventually targeting the 1.2675 level.” warns the Technical Analyst team at ICN.com.