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EUR/USD Remains at Risk for Lower-Low Amid String of Lower-Highs

EUR/USD Remains at Risk for Lower-Low Amid String of Lower-Highs

2014-06-20 16:45:00
David Song, Strategist
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Talking Points:

- USDOLLAR at Risk for Lower-Low as Long as Descending Channel, Bearish RSI Stay in Play

- EUR/USD Continues to Carve Lower-Highs in June; Fresh Low on Tap?

- USD/CAD Slips to Fresh Monthly Low as Canada Retail Sales, CPI Top Forecasts

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10449.46

10453.26

10422.32

0.16

91.77%

USDOLLAR(Ticker: USDollar):

  • Will continue to look for opportunities to ‘sell bounces’ as long as downward trending channel & bearish RSI are retained.
  • Remains at risk for lower-lows amid the string of lower-highs being carved earlier this month.
  • May (10,370) & October (10,354) lows remain in focus as the bearish trend continues to take shape.

EUR/USD:

  • Continues to carve series of lower-highs; looking for a close below 1.3580-90 (78.6% retracement) to favor a further decline.
  • EUR/USD to face a greater risk for fresh lows should the rebound in the RSI give out.
  • Continue to watch the June low (1.3501); failure to break to fresh monthly lows may foreshadow range-bound price action.

USD/CAD

  • Pair breaks to fresh monthly low (1.0751) as stronger retail sales, CPI limit’s Bank of Canada’s (BoC) scope to reduce the benchmark interest rate.
  • Downside targets remain favorable following the bearish break in RSI.
  • Key Fibonacci confluence comes in around 1.0710-30 region.

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EUR/USD Remains at Risk for Lower-Low Amid String of Lower-Highs

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EUR/USD Remains at Risk for Lower-Low Amid String of Lower-Highs

Chart - Created Using FXCM Marketscope 2.0

  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,354 to 10,375 (50.0 retracement)

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--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

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