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EUR/USD on its way to 1.3100?

FXStreet (Edinburgh) - The weakness is now intensifying around the EUR, pushing the EUR/USD to test the lower band of the intraday range near 1.3110.

EUR/USD in multi-month lows

Spot rapidly faded the spike to the area of 1.3140 in early trade, retracing to levels last seen a year ago in the proximity of the psychological support at 1.3100. There are no relevant data releases in the euro region today so traders will concentrate their attention in the US ISM and manufacturing PMI by Markit. Eric Theoret, Currency Strategist at Scotiabank, commented, “bearish momentum indicators are softening with the RSI having stabilized just below 30.The bearish DMI is also moderating, and we note the formation of two consecutive doji candles highlighting uncertainty”.

EUR/USD relevant levels

The pair is now losing 0.09% at 1.3115 with the next resistance at 1.3196 (high Aug.29) ahead of 1.32222 (high Aug.28) and then 1.3297 (high Aug.22). On the downside, a break below 1.3105 (low Sep.6 2013) would expose 1.3089 (low Ju.19 2013) and finally 1.3051 (low Jul.16 2013).

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