EUR/USD tests 1.3470 post EU consumer confidence
The Euro is trading slightly higher against the US Dollar following the worst than expected EU consumer confidence in July.
Currently, EUR/USD is trading at 1.3469, up 0.03% on the day, having posted a daily high at 1.3475 and low at 1.3455. EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the Trend Index is slightly bullish.
The EU consumer confidence declined to -8.4 pts in Juy from -7.5 pts in June. Worst than expected
EUR/USD levels
If the pair manages to break 1.3470, it would find resistances at 1.3490 and 1.3500. On the downside, supports are at 1.3460, 1.3450 and 1.3400.
Currently, EUR/USD is trading at 1.3469, up 0.03% on the day, having posted a daily high at 1.3475 and low at 1.3455. EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the Trend Index is slightly bullish.
The EU consumer confidence declined to -8.4 pts in Juy from -7.5 pts in June. Worst than expected
EUR/USD levels
If the pair manages to break 1.3470, it would find resistances at 1.3490 and 1.3500. On the downside, supports are at 1.3460, 1.3450 and 1.3400.
GBP/USD trims intraday losses
The GBP/USD managed to bounce and trimmed intraday losses after hitting a 3-week low at the beginning of the New York session.
The GBP/USD came under renewed pressure following the release of BoE latest meeting minutes and touched a low of 1.7022, last seen June 30. However, the Cable found buyers and bounced from lows to currently trade at the 1.7050 zone, still down 0.07% on the day.
The GBP/USD is falling for a sixth trading day in a row, after reaching a 6-year high of 1.7190 on July 15, now eyeing immediate support at 1.7000 (psychological level/38.2% Fibo of 1.6692-1.7190).
GBP/USD technical perspective
“The pair quickly approaches critical 1.7000 figure, with the hourly chart showing a strong bearish potential, as per price extending below its 20 SMA and indicators heading lower below their midlines”, said Valeria bednarik, chief analyst at FXStreet. “In the 4 hours chart technical indicators also head south in negative territory, while current candle opened below 200 EMA, first time since mid June, adding to the bearish case”.
Bednarik locates immediate support levels at 1.7020, 1.6985 and 1.6950, while she places resistances at 1.7050, 1.7095 and 1.7120.
The GBP/USD came under renewed pressure following the release of BoE latest meeting minutes and touched a low of 1.7022, last seen June 30. However, the Cable found buyers and bounced from lows to currently trade at the 1.7050 zone, still down 0.07% on the day.
The GBP/USD is falling for a sixth trading day in a row, after reaching a 6-year high of 1.7190 on July 15, now eyeing immediate support at 1.7000 (psychological level/38.2% Fibo of 1.6692-1.7190).
GBP/USD technical perspective
“The pair quickly approaches critical 1.7000 figure, with the hourly chart showing a strong bearish potential, as per price extending below its 20 SMA and indicators heading lower below their midlines”, said Valeria bednarik, chief analyst at FXStreet. “In the 4 hours chart technical indicators also head south in negative territory, while current candle opened below 200 EMA, first time since mid June, adding to the bearish case”.
Bednarik locates immediate support levels at 1.7020, 1.6985 and 1.6950, while she places resistances at 1.7050, 1.7095 and 1.7120.
EUR/USD consolidating its latest losses
Chief Analyst Valeria Bednarik observes that the EUR/USD is consolidating its latest losses , trading in a tight 20 pips range below former year low of 1.3476, level that capped the upside so far today.
Key quotes
"With no fundamental data to lead the way, EU consumer confidence and US crude stocks may bring some action later today, albeit seems we are going nowhere far."
"Technically, the bearish bias remains favored with price hovering around a bearish 20 SMA and indicators turning lower around their midlines."
"In the 4 hours chart technical readings also favor the downside, with a break below 1.3440/50 area required to confirm a new leg down."
Key quotes
"With no fundamental data to lead the way, EU consumer confidence and US crude stocks may bring some action later today, albeit seems we are going nowhere far."
"Technically, the bearish bias remains favored with price hovering around a bearish 20 SMA and indicators turning lower around their midlines."
"In the 4 hours chart technical readings also favor the downside, with a break below 1.3440/50 area required to confirm a new leg down."
