The EUR/USD pair extends its decline this Tuesday, weighed by headlines saying the ECB is studying measures to reduce the Emergency Liquidity Assistance to Greek banks, should the country fail to provide the reforms needed to secure bail-out funds. The news comes from an unknown source, yet its logic is enough to drive the EUR lower against its rivals. The German ZEW survey showed that, whilst current situation is being positively asset by local business, the future seems not that bright: Economic Sentiment fell down to 53.3 in April from previous 54.8 and the expected 55.3. The same survey for the EZ shows that the Economic sentiment in the region improved, up to 64.8 from previous 62.4 and above expectations.
Technically, the pair failed to regain the upside with the news, trading near its daily low and with the 4 hours chat showing that the price is approaching to its immediate support, the 23.6% retracement of its latest bearish run at 1.0640, as the technical indicators head strongly south below their mid-lines. Furthermore, the price stands below its moving averages, all of which supports additional declines. A break through the mentioned support should lead to a downward extension towards the 1.0590 level, whilst beyond this last, 1.0550 comes next. To the upside, the immediate resistance stands at 1.0710, with selling interest probably surging around it, if reached.
View Live Chart for EUR/USD
Technically, the pair failed to regain the upside with the news, trading near its daily low and with the 4 hours chat showing that the price is approaching to its immediate support, the 23.6% retracement of its latest bearish run at 1.0640, as the technical indicators head strongly south below their mid-lines. Furthermore, the price stands below its moving averages, all of which supports additional declines. A break through the mentioned support should lead to a downward extension towards the 1.0590 level, whilst beyond this last, 1.0550 comes next. To the upside, the immediate resistance stands at 1.0710, with selling interest probably surging around it, if reached.
View Live Chart for EUR/USD
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