3 Jan 2014
EUR/USD hits fresh 2-week low
FXstreet.com (Córdoba) - The EUR/USD edged a tad lower during the European session and touched a fresh 2-week low, before bouncing to mid-range.
Following a steep fall Thursday, the EUR/USD entered a quieter phase, although it stretched to a fresh low of 1.3627 before settling in a slim range just above. At time of writing, the EUR/USD is trading at the 1.3640 zone, still 0.2% below its opening price. The EUR/USD remains in a corrective phase after hitting a 2-year high of 1.3891 last week.
Up ahead during the New York session, several Fed members will speak, including Chairman Bernanke, who is ending his term in 4 weeks. "His remarks will be the main focus on Friday as the market will attempt to gauge the Fed's desire to further reduce the pace of QE purchases in coming months", says the TD Securities team.
EUR/USD levels to watch
In terms of technical levels, if the EUR/USD breaks below 1.3627 (daily low), next supports could be found at 1.3620 (Dec 6 low) and 1.3600 (psychological level). On the flip side, resistances are seen at 1.3671 (daily high), 1.3700 (psychological level) and 1.3720 (20-day SMA).
Following a steep fall Thursday, the EUR/USD entered a quieter phase, although it stretched to a fresh low of 1.3627 before settling in a slim range just above. At time of writing, the EUR/USD is trading at the 1.3640 zone, still 0.2% below its opening price. The EUR/USD remains in a corrective phase after hitting a 2-year high of 1.3891 last week.
Up ahead during the New York session, several Fed members will speak, including Chairman Bernanke, who is ending his term in 4 weeks. "His remarks will be the main focus on Friday as the market will attempt to gauge the Fed's desire to further reduce the pace of QE purchases in coming months", says the TD Securities team.
EUR/USD levels to watch
In terms of technical levels, if the EUR/USD breaks below 1.3627 (daily low), next supports could be found at 1.3620 (Dec 6 low) and 1.3600 (psychological level). On the flip side, resistances are seen at 1.3671 (daily high), 1.3700 (psychological level) and 1.3720 (20-day SMA).