OctaFX | OctaFX Forex Broker
Sign in
Open account
Back

EUR/USD slid below 1.3450 and is ready to go on

FXStreet (Moscow) - EUR/USD opened the day at 1.3363, and continued to edge lower reaching 1.3344 by the moment.

Less shorts - good news for bears

Lack of economical drivers leaves the pair sensitive to technical factors. The latest CFTC data shows the number of net short positioning in EUR reduced by USD0.5bn after increasing by USD10.0bn in the prior 3 weeks. It’s good news for the euro bears, as corrective rebounds are less likely for now, however, we must not forget that the euro shorts are still at a historically high level. The key factor of pressure may be the USD strength at the moment. The nearest target to the upside may lie at 1.3392, while the bottom may be limited by 1.3325.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3372, with support below at 1.3325 and 1.3298, with resistance above at 1.3392, 1.3419, and 1.3439. Hourly Moving Averages are bearish, with the 200SMA at 1.3374 and the daily 20EMA bearish at 1.3417. Hourly RSI is bearish at 35.

Lower for longer in Oz

Morten Helt, Senior Analyst at Danske Bank, assessed the recent release of the RBA minutes...
Read more Next
Start livechat