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Sep 2, 2014
EUR/USD lacks strength to move off lows
FXStreet (Córdoba) - The EUR/USD edged lower during the Asian session and made another 1-year low of 1.3114 before buyers reemerged to protect the 1.3100 level.
The greenback was on demand during Asian hours and dragged the EUR/USD to fresh cycle lows, before recovering slightly. However, the bounce was capped by the 1.3125 area, leaving the pair trapped in a slim range over the last hours. At time of writing, the EUR/USD is trading at 1.3125, virtually unchanged on the day.
Activity might pick up in the upcoming sessions, with US traders rejoining after the holiday, but the cautious tone will likely persist ahead of the European Central Bank decision (Thursday) and the nonfarm payrolls report (Friday).
ECB meeting remains in the spotlight after Draghi hinted at further easing measures, a couple of weeks ago in Jackson Hole.
EUR/USD technical levels
As for technical levels, immediate supports could be found at 1.3114 (Sep 2 low), 1.3104 (Sep 6 2013 low) and 1.3100 (psychological level). On the other hand, resistances are seen at 1.3145 (Sep 1 high), 1.3189 (10-day SMA) and the 1.3195/1.3200 zone (Aug 29 high/psychological level).
The greenback was on demand during Asian hours and dragged the EUR/USD to fresh cycle lows, before recovering slightly. However, the bounce was capped by the 1.3125 area, leaving the pair trapped in a slim range over the last hours. At time of writing, the EUR/USD is trading at 1.3125, virtually unchanged on the day.
Activity might pick up in the upcoming sessions, with US traders rejoining after the holiday, but the cautious tone will likely persist ahead of the European Central Bank decision (Thursday) and the nonfarm payrolls report (Friday).
ECB meeting remains in the spotlight after Draghi hinted at further easing measures, a couple of weeks ago in Jackson Hole.
EUR/USD technical levels
As for technical levels, immediate supports could be found at 1.3114 (Sep 2 low), 1.3104 (Sep 6 2013 low) and 1.3100 (psychological level). On the other hand, resistances are seen at 1.3145 (Sep 1 high), 1.3189 (10-day SMA) and the 1.3195/1.3200 zone (Aug 29 high/psychological level).