6 Jan 2014
EUR/USD holds below 1.3600, near 1-month lows
FXstreet.com (Córdoba) – Trading opened slightly higher for the EUR/USD but still unable to rise back above 1.3600. The pair remains calm trading in a small range between 1.3600 and 1.3590. On Friday lost 80 pips and dropped to the lowest level since December 5.
EUR/USD technical outlook
From last week highs the Euro has fallen more than 200 pips against the US dollar, accelerating the downside after being rejected from levels above 1.3830. Despite opening with small gains, still moves with a downside bias in the short-term.
According to Franco Shao, from ForexCycle.com a deeper decline seems likely, with a target around the lower line of an ascendant daily channel. “As long as the channel support holds, the uptrend from 1.2756 could be expected to resume, and one more rise towards 1.4500 is still possible. Shao adds that only a clear break of the mentioned channel support could signal completion of the uptrend.
EUR/USD technical outlook
From last week highs the Euro has fallen more than 200 pips against the US dollar, accelerating the downside after being rejected from levels above 1.3830. Despite opening with small gains, still moves with a downside bias in the short-term.
According to Franco Shao, from ForexCycle.com a deeper decline seems likely, with a target around the lower line of an ascendant daily channel. “As long as the channel support holds, the uptrend from 1.2756 could be expected to resume, and one more rise towards 1.4500 is still possible. Shao adds that only a clear break of the mentioned channel support could signal completion of the uptrend.