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EUR/USD dips below 1.4200

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Old 08-08-2011, 13:24
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Default EUR/USD dips below 1.4200

Euro upside attempt, fuelled by ECB's large bond purchases, has been capped at 1.4200 and the pair has retreated sharply as initial euphoria faded, plunging more than 200 pips so far, to reach fresh day lows at 1.4160 ahead of Wall Street opening.

On the downside, immediate support lies at 1.4145/60 (intra-day level/day low), and below here, 1.4050 (Aug 4 low), and 1.4010 (Jul 18 low). On the upside, resistance levels lie at 1.4290/00 (previous day lows), and above here, 1.4400 (session high), and 1.4455 (Aug 1 high).

Euro bias is bearish, according to Valeria Bednarik, technical analyst at FXstreet with indicators pointing lower below their midlines: " 4 hours chart has a increasing bearish tone, with indicators heading lower below their midlines and price crossing upside down 20 SMA around 1.4235 and immediate resistance level. At daily lows, the pair may extend its slide towards 1.4170 now, as long as below mentioned level, while once below, the 1.4120/40 area is next."

Source: FXCC
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