Forex: EUR/USD loses 1.3150; stalls at 21-DMA

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FXstreet.com (San Francisco) - After printing a daily pin, EUR/USD has finally managed to move lower this afternoon in the Asia-Pacific, triggering a layer of orders around 1.3150, and is now testing bids through 1.3122, quoted down around 0.5% from the close late Wednesday. There doesn't seem to be anything worthy of note hitting the newswires that would serve as an obvious catalyst for this most recent selloff in thin liquidity (markets in Japan and China are closed today); regional bourses are mixed, with Australia's ASX quoted up 0.6%, while the Hang Sen 40 is now down 0.1%.

The 21-day EMA (today at 1.3126) is preventing further slides for EUR/USD in the short-term, however, should the bearish momentum pick up again, next bearish targets lie in the 1.3070-60 zone (Oct 5 high; 38.2% retracement support). Daily RSI, at 53, is aiming lower from overbought readings, suggesting there may be scope for further downward movements in the hours ahead. A bullish recovery may encounter resistance at 1.3155 (yesterday's low), then 1.3170 (intraday).



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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