The EUR/USD trades at its lowest level in a year, ready to test September last year low of 1.3104. Latest local data had some to do with the movement, as PPI readings for the EZ met expectations and below previous month ones, but for the most is dollar strength. The technical picture shows the bearish tone prevails with price contained below a bearish 20 SMA, currently around 1.3150, momentum heading lower in negative territory and RSI flat around 30. A price acceleration through 1.3100 should fuel the slide with 1.3050 area as next possible target as per several daily lows around it.
To the upside, mentioned 1.3150 level is the resistance to break to confirm an upward corrective movement, that anyway will face selling interest around 1.3180. It will take some consolidation above 1.3200, quite unlikely at the time being, to deny the possibility of a bearish move today, with gains up to 1.3240 seen just as corrective.
View Live Chart for EUR/USD
To the upside, mentioned 1.3150 level is the resistance to break to confirm an upward corrective movement, that anyway will face selling interest around 1.3180. It will take some consolidation above 1.3200, quite unlikely at the time being, to deny the possibility of a bearish move today, with gains up to 1.3240 seen just as corrective.
View Live Chart for EUR/USD
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