Trading news

EUR/USD slides further below 1.0700

The EUR/USD pair remained well-offered and extended its slide further below 1.0700 handle to touched a fresh 4-day low.

Currently trading around 1.0685 region, spot accelerated the downslide after the flash Markit US services PMI showed expansion at the fastest pace since November 2015. However, the US showed new home sales fell short of expectations and witnessed a sharp monthly drop of 10.4% in December, coming-in at 536K annualized pace as against 588K expected and previous month's 598K.

Technical outlook

Valeria Bednarik, Chief Analyst at FXStreet notes, “The pair has turned bearish in the short term, as in the 1 hour chart, the price is standing well below its 20 and 100 SMAs, with the shortest turning south, whilst technical indicators present strong bearish slopes near oversold readings. In the same chart, the price recovered from its 200 SMA, around 1.0690, with a break below the level favoring additional declines towards 1.0650/60, where the pair has a daily ascendant trend line. In the 4 hours chart, technical readings also favor a new leg lower, given that the price has broken below its 20 SMA and technical indicators entered negative territory.”

AG Markets Review

Thursday, 26 Jan, 2017 / 3:50

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