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5 Aug 2014
EUR/USD grinds lower on weak EMU Services PMI - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the EUR/USD fell on Tuesday to 1.3380 following the release of the disappointing Eurozone PMI services numbers.
Key quotes
"Technically, failure to advance beyond the 23.6% retracement of the 1.3639/1.3366 daily fall has helped discouraging buyers."
"The hourly chart presents a strong bearish tone, as indicators continue heading south despite in oversold levels, while price stands now below its moving averages."
"In the 4 hours chart technical readings also present a bearish stance, with 1.3366 this year low coming as immediate support in route to 1.3295."
Key quotes
"Technically, failure to advance beyond the 23.6% retracement of the 1.3639/1.3366 daily fall has helped discouraging buyers."
"The hourly chart presents a strong bearish tone, as indicators continue heading south despite in oversold levels, while price stands now below its moving averages."
"In the 4 hours chart technical readings also present a bearish stance, with 1.3366 this year low coming as immediate support in route to 1.3295."