30 Aug 2013
EUR/USD opening up fresh losses, bearishness now valid
FXstreet.com (New York) - The EUR/USD foreign exchange rate dove lower Friday, snapping a tight trading range and establishing fresh daily lows during US trading.
In the United States, Personal Spending (July) grew only +0.1%, missing estimates of +0.3%. Moreover, Core Personal Consumption Expenditure – Price Index (YoY) yielded a figure of +1.2% in July, matching expectations.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD is has moved out of narrow range since the beginning of the European session. However, trading is stable below 23.6% correction at 1.3290 and below Linear Regression Indicators. Therefore, the possibility of extending bearishness is still valid today and we might see a bearish wave during the U.S. session unless the pair stabilized above the referred to level.”
EUR/USD technical levels
In these moments, the EUR/USD has now tumbled to 1.3214 (intraday low), entrenching itself deeper into negative territory following a two day forgettable stint for EUR/USD bulls. Briefing the technicals, the EUR/USD is will remain fortified by support at 1.3193, ahead of 1.3145 and 1.3072, notes the Mataf.net analyst team.
In the United States, Personal Spending (July) grew only +0.1%, missing estimates of +0.3%. Moreover, Core Personal Consumption Expenditure – Price Index (YoY) yielded a figure of +1.2% in July, matching expectations.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD is has moved out of narrow range since the beginning of the European session. However, trading is stable below 23.6% correction at 1.3290 and below Linear Regression Indicators. Therefore, the possibility of extending bearishness is still valid today and we might see a bearish wave during the U.S. session unless the pair stabilized above the referred to level.”
EUR/USD technical levels
In these moments, the EUR/USD has now tumbled to 1.3214 (intraday low), entrenching itself deeper into negative territory following a two day forgettable stint for EUR/USD bulls. Briefing the technicals, the EUR/USD is will remain fortified by support at 1.3193, ahead of 1.3145 and 1.3072, notes the Mataf.net analyst team.