NEW YORK (Forex News Now) – As of around 8:00 A.M. GMT on Tuesday, the euro was falling against the U.S. dollar, as it approached 5-day low in European morning currency market trading.
This is what the analysts say about the heavily traded currency pair in the near term:
FXstreet quotes Investija.com as saying that a narrow trading range is possible for the EUR/USD between support and resistance levels.
“If bears can manage to plunge below 1.3467 price level, look for more selling opportunities. Bears can feel safer if resistance barrier continues to stay valid. Above resistance bearish side is in danger,” the realtime forex news site adds.
Forexcycle notes that EUR/USD dropped sharply from 1.3785, suggesting that a cycle top has been formed on the 4-hour chart.
According to the site’s intraday analysis, “Deeper decline towards 1.3448 previous low would more likely be seen later today, a breakdown below this level will indicate that the downtrend from 1.4281 has resumed.”
Meanwhile, in a report aimed at technical analysis trading, Precise Trader writes that the Hourly Trend is limited down while 1.3710 holds and the Daily Trend is sideways down whole 1.3975 holds.
The analyst adds, “The opening price principles suggests that EUR is weak against four crosses so the bulls may have to be sidelined until 1.3665-80 is regained.”