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EUR/USD extends decline to fresh year low of 1.3280 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that EUR/USD has been maintaining a strong bearish tone on Wednesday, trading below the 1.3300 level.

Key quotes

"European data shown a decrease in German PPI, down to -0.1% monthly basis while European construction output also declined below expected, adding to the negative tone."

"Technically the 4 hours chart shows price pressuring the lows with indicators presenting a strong bearish momentum despite entering oversold levels, while 20 SMA turns lower above current price, now around 1.3350."

"Further falls down to 1.3240/60 area are likely in the short term, while a daily close below the area exposes the pair to an approach to 1.3200."

"Immediate resistance stands at 1.3300 and above 1.3330: up to this last movements will be understood as corrective and rather attract sellers than trigger a recovery."

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