FXstreet.com (Guatemala) - EUR/USD eroded the cloud support by the end of this weeks session and comes with a bearish bias with key support in focus, albeit with RSI well below 30.

The base of the cloud was located at 1.3564. Karen Jones, chief economist at Commerzbank explained that we have 2 support lines near term hand at 1.3511, 1.3584 and these will all have to be eroded so that the next leg lower can get underway. “We continue to look for the market to come under pressure and look for this support to be eroded”.

EUR/USD Levels

The 20 DMA is 1.3664, the 50 DMA is 1.3617 and the 200 DMA is 1.3343. RSI (14) reads 21.42. Key support is 1.3511 while spot is at 1.3527. Resistances are 1.3545, 1.3560, 1.3582, 1.3615, 1.3624,1.3650, 1.3699 and
1.3762 .

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD: Bears battle 0.6950 as virus woes, US-China tussle intensify

AUD/USD begins the week with a downside gap of nearly 40 pips to 0.6950. Worsening coronavirus conditions in Australia and abroad hurt market sentiment. Sino-American tension escalates with the US warning citizen of arbitrary arrests in China.

AUD/USD News

NZD/USD bulls in charge to start the week

NZD/USD bulls in charge ahead of a busy week on Wall Street. The move adds to the closing on Friday where the price was around 20pips higher than Asia's Friday closing prices. Correlations to asset markets will remain important for the kiwi with a firm eye on COVID-19 contagion. 

NZD/USD News

Gold: Pierces $1,800 inside short-term bullish flag

Gold prices extend recoveries from $1,798.14, defies two-day losing streak. A seven-day-old bullish technical pattern, sustained trading beyond immediate support favor the buyers. 200-HMA offers additional downside support, bulls will cheer break of $1,811.60.

Gold News

WTI: Depressed above $40 amid output cut talks

WTI defies the late-Friday recovery moves while slipping from $40.80. Saudi Arabia pushes for two million barrels a day output cut, IEA improves on oil demand forecast. Risk-tone remains mildly positive amid virus woes, US-China tension.

Oil News

S&P 500: Bank's earnings in focus, COVID-19 induced insolvency fears simmer away

The S&P 500 will be a key theme on Q2 earnings this week, traders watching the banks for guidance. Wall Street stocks remain in bullish territory, but the S&P 500 is on thin-ice while below the June highs. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures