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EUR/USD Forecast: Approaching year low – FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet sees the Yen slide benefitting Dollar and pushing EUR/USD lower to 1.2394.

Key Quotes

“Earlier on the session, Japanese current account posted an unexpected strong surplus, as a weaker local currency boosted overseas returns. Dollar got benefited from yen slide, driving the EUR/USD lower down to 1.2394 on the day and currently hovering around the 1.2400 figure.”

“Technically, the 4 hours chart shows price extending below a bearish 20 SMA, while momentum turns lower above 100 and RSI accelerates south towards 30.”

“Last week low of 1.2357 stands as immediate short term support, and a break below should see a downward acceleration towards the 1.2300/20 price zone.”

“To the upside the immediate resistance stands at 1.2440 and it will take some steady gains above it to revert the intraday negative tone and see the pair running back towards 1.2485/1.2500 price zone.”

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