EUR/USD forex technical analysis round-up: Jul. 5

ForexNewsNow | Published on July 5, 2011 at 6:24 am

The euro was falling against the greenback today again, trading at 1.4480 as of around 10:00 A.M., GMT.

The euro is down 0.4% on the day and has reached a session high of 1.4554 with a low of 1.4459 so far.

This is what the analysts had to say about the heavily traded currency pair in the near-term:

– According to ForexCycle, a breakdown below 1.4436 will indicate that the rise from 1.4102 is complete, then the following downward movement could bring price back to 1.4200 zone.

– Analysis on Forexpros attributed the Euro’s decline in strength to the the negative impact of official data which showed that retail sales in the Euro zone slumped in May, posting their biggest fall in a year while a separate report showed that the Euro zone’s services sector grew less than initially expected in June.

 

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