The EUR/USD continues trading around its year lows, with the pair having extended its decline to 1.3440 so far today, on the back of week German IFO business index. The technical picture is still clearly bearish, with price developing below its 20 SMA and 1.3475 strong static resistance level in the 4 hours chart, and with momentum retracing from its midline and turning back south. RSI also supports the downside, having corrected oversold levels and hovering now around 32.
Risk stands to the downside despite the slomo movements, with a price acceleration below 1.3440 favoring a run towards the 1.3400 figure. A weekly close below it will expose 1.3290 price zone for the upcoming days. Approaches to mentioned 1.3475 level should be consider as selling opportunities, as only a steady recovery above 1.3500 will revert current negative tone in the short term.
View Live Chart for EUR/USD
Risk stands to the downside despite the slomo movements, with a price acceleration below 1.3440 favoring a run towards the 1.3400 figure. A weekly close below it will expose 1.3290 price zone for the upcoming days. Approaches to mentioned 1.3475 level should be consider as selling opportunities, as only a steady recovery above 1.3500 will revert current negative tone in the short term.
View Live Chart for EUR/USD
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