The EUR/USD extended its decline down to 1.3280 fresh year low so far today, having been unable to recover the 1.3300 level and maintaining the strong bearish tone. European data shown a decrease in German PPI, down to -0.1% monthly basis while European construction output also declined below expected, adding to the negative tone.
Technically the 4 hours chart shows price pressuring the lows with indicators presenting a strong bearish momentum despite entering oversold levels, while 20 SMA turns lower above current price, now around 1.3350. Further falls down to 1.3240/60 area are likely in the short term, while a daily close below the area exposes the pair to an approach to 1.3200. Immediate resistance stands at 1.3300 and above 1.3330: up to this last movements will be understood as corrective and rather attract sellers than trigger a recovery.
View Live Chart for EUR/USD
Technically the 4 hours chart shows price pressuring the lows with indicators presenting a strong bearish momentum despite entering oversold levels, while 20 SMA turns lower above current price, now around 1.3350. Further falls down to 1.3240/60 area are likely in the short term, while a daily close below the area exposes the pair to an approach to 1.3200. Immediate resistance stands at 1.3300 and above 1.3330: up to this last movements will be understood as corrective and rather attract sellers than trigger a recovery.
View Live Chart for EUR/USD
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