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Technical Analysis: Euro Fell to 1.3335 after ZEW Report

Posted by Chris Advincula on Aug 12, 2014 6:54:00 AM
EURO.8.12.2014 resized 600

Chart: WorldWideMarkets Alpha Trader

The euro was pushed lower in Europe after the lower than expected German ZEW Report for August. The 5 minute chart above shows a 15-pip declining channel and broke out of the 1.3353 channel shortly after the ZEW data. The 14-day moving average also shows a continuation of the down trend from 1.3365 to 1.3340. 

Decent bids at the 9-month low of 1.3333. Monday's high of 1.3410 will be the resistance while there are option barrier supports at 1.3325-1.3300.  The firm dollar also added pressure to the euro with the euro-yen also adding weight to the euro after it fell from 136.70 to 136.80 in the European session.


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