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EUR/USD eyes 2014 low

FXStreet (Córdoba) - The EUR/USD has tumbled to fresh daily lows during the European session as German Aug ZEW fell short of expectations, putting the currency under renewed pressure.

The EUR/USD fell sharply and hit a low of 1.3335, stalling just a few pips ahead of its 2014 low of 1.3332 scored last week. With the euro still heavy, a break below 1.3332 could pave the way to a quick fall towards 1.3300.

At time of writing, the EUR/USD is trading at the 1.3340 zone, recording a 0.34% loss on the day, with most of the data already gone for the day. Tomorrow, the US will release retail sales while German CPI and Eurozone industrial production are also on tap.

EUR/USD technical outlook

From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes the EUR/USD has a negative short-term outlook, with the 1.3375 acting as immediate resistance. “The bearish ride however may remain limited with everyone short in the pair, albeit below 1.3330, there’s a chance the movement may extend down to next support, at 1.3295”.

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