Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EUR/USD Extends Losses

Published 06/20/2013, 06:13 AM
Updated 07/09/2023, 06:31 AM
<span class=EUR/USD " title="EUR/USD " width="799" height="604" /> The EUR/USD currency pair came under pressure today, following the yesterday’s Fed’s announcement. On Wednesday, the pair closed below the $1.3300 mark; Today it touched $1.3200.

The eurozone released a bunch of positive PMI figures on Thursday, but the data didn’t offer much support for the pair. Yesterday we sold the pair from $1.3275 with a target of $1.3175 and a stop at $1.3330. We expect the pair to reach this target in the coming days.

A break below this support would confirm the formation of a medium-term top and open the way for a deeper drop. Next support lies at $1.3115/00, $1.3030 and $1.3000.

The euro needs to break above $1.3415 in order to continue the rally, but, given the Fed’s hawkish tone, the chances for that are very low.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.