On Tuesday, the EUR/USD marked its first tumble in nearly a week, with the pair breaking below key resistance level at 1.33 and continued to grind lower this morning. At 1.3277 at the time of writing, the fall puts near-term support areas seen at 1.3245 and 1.3205 in focus.
With the RSI capped by a declining trendline and still above its oversold area on the 30-min chart, the technical setup further supports the bearish outlook in the market. However, as was the case with the thrust that preceded the decline, the lack of a serious fundamental element (other than individual catalysts and statements) might be suggesting that there is not enough ground for a fundamental bear wave.
In the alternative scenario, an upside penetration of 1.3335 would open the way for 1.3365 and 1.34. Onto the main topics of today, a smattering of economic data during European hours brings the focus on US event risks with the Consumer Price Index and the Housing Market Index among the most notable.
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EUR/USD: Under Pressure
Published 01/16/2013, 04:10 AM
Updated 03/09/2019, 08:30 AM
EUR/USD: Under Pressure
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