OctaFX | OctaFX Forex Broker
Open trading account

Forex: EUR/USD testing lows around 1.2800

FXstreet.com (Barcelona) - The increasing selling interest around the euro is challenging the key support at 1.2800 on Friday, always within the prevailing USD strength as backdrop.

According to Camilla Sutton, Strategist at Scotiabank, the bank’s outlook on the cross remains bearish. “All signals are in sell territory, the 50‐day has crossed below the 200‐day and the RSI is at just 38, leaving lots of downside before being oversold. We expect a near‐term test down through 1.28”, concluded Sutton.

EUR/USD is now losing 0.47% at 1.2822 and a breach of 1.2796 (low May 17) would aim for 1.2754 (weekly cloud base) and finally 1.2740 (2013 low Apr.14).
On the flip side, resistance barriers align at 1.2850 (prior intraday lows) followed by 1.2890 (high May 17) and then 1.2930 (high May 16).

USD/CAD eases after steep rally

Following a steep rally, the US dollar lost momentum and gave up ground against the loonie as investors take profit ahead of the weekend.
Read more Previous

AUD/USD holds above 0.9710

The Australian dollar continued to weaken during the American session and printed yet another 11-month of 0.9710 against the dollar, as the greenback received another boost following better-than-expected US confidence data.
Read more Next
Start livechat