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Published On: Sun, Aug 31st, 2014

EUR/USD – Weekly Technical Analysis (01.09.2014-05.09.2014)

Our EUR/USD expectations for this week are for a further decline toward the 1.30 support area.

The EUR/USD slid to a one-year low last week, touching 1.3133 and then retreating just a few pips for a weekly close of 1.3138. The pair is trading below both its 50-day and 200-day Moving Average, which are currently located at 1.3455 and 1.3642, respectively. This is adding up to the increasingly bearish outlook in front of the EUR/USD.

Our expectations for this week are for a further decline toward the 1.30 support area. A bounce from there is a possibility, but upside potential is limited. The 1.33-1.3335 resistance area should hold and thus put an end to any short-term correction for the euro. A potential break through the aforementioned resistance, though a very unlikely scenario, would at least temporarily put the EUR/USD bearishness on hold.

A firm breach of the 1.30 level would fuel even more bearish bets against the EUR/USD and would send it toward the 1.28 support.

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