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21 Aug 2014
What lies ahead of the EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - The EUR/USD seems to have found decent support around 1.3240 on Thursday against the ongoing backdrop of USD strength.
“EUR/USD slid through the 1.3295 November 2013 low and has reached the 38.2% Fibonacci retracement of the 2012-14 rise at 1.3249 en route to the 1.3105 September low and the psychological 1.3000 region”, commented Axel Rudolph, Senior Technical Analyst at Commerzbank.
In addition, Market Strategist Quek Ser Leang at UOB Group, suggested, “The break of the strong support at 1.3290/95 resulted in a sharp drop to an overnight low of 1.3255. Despite oversold conditions, there are no signs of stabilization just yet and the current weakness is expected to extend towards 1.3240. Only a move back above 1.3295 would indicate that a temporary low is in place”.
“EUR/USD slid through the 1.3295 November 2013 low and has reached the 38.2% Fibonacci retracement of the 2012-14 rise at 1.3249 en route to the 1.3105 September low and the psychological 1.3000 region”, commented Axel Rudolph, Senior Technical Analyst at Commerzbank.
In addition, Market Strategist Quek Ser Leang at UOB Group, suggested, “The break of the strong support at 1.3290/95 resulted in a sharp drop to an overnight low of 1.3255. Despite oversold conditions, there are no signs of stabilization just yet and the current weakness is expected to extend towards 1.3240. Only a move back above 1.3295 would indicate that a temporary low is in place”.