2 Sep 2013
EUR/USD now trading lower and below key support at 1.3205
FXstreet.com (Barcelona) - The EUR/USD is threatening to break down technically as “risk off” remains en vogue for now.
So far, more of the same this week
It’s still early, but the EUR/USD continues to suffer due to global investors / traders fleeing the euro in favor of the US Dollar and other safe-havens as the Syrian tensions gets more serious by the minute.
Things may change, however, when in just a few hours, EUR/USD traders will get to digest Manufacturing PMI readings from all over Europe. That data could be market-moving if it strays too far from consensus estimates.
Technical outlook for EUR/USD
Technicians say EUR/USD has broken down short-term and is on the verge of violating yet another support level at 1.3205. Below that is Fibonacci support at 1.3151. Resistance layers are starting to pile up with 1.3300 and 1.3352 being the first two levels EUR/USD will need to conquer.
So far, more of the same this week
It’s still early, but the EUR/USD continues to suffer due to global investors / traders fleeing the euro in favor of the US Dollar and other safe-havens as the Syrian tensions gets more serious by the minute.
Things may change, however, when in just a few hours, EUR/USD traders will get to digest Manufacturing PMI readings from all over Europe. That data could be market-moving if it strays too far from consensus estimates.
Technical outlook for EUR/USD
Technicians say EUR/USD has broken down short-term and is on the verge of violating yet another support level at 1.3205. Below that is Fibonacci support at 1.3151. Resistance layers are starting to pile up with 1.3300 and 1.3352 being the first two levels EUR/USD will need to conquer.