Monday, 1 September 2014

EUR/USD leveling at 1.3041 after hitting yearly lowest in FOREX

Most popularly traded Forex pair EUR/USD is falling low in the trade today. In the premiering hours of trade, the pair hit lowest point in 52 weeks citing further dropping in the level as the day advances.

Starting the month of September EUR/USD opened at 1.3118 marking weak cues in the global market in the prior week as the level is dangerously close to yearly lowest point. In the last week closing on 29 August 2014, the pair faced tremendous pressure from Asian trades and fell below its previous lowest level of 1.3150 in afternoon recorded at New York stock exchange.

European official currency Euro rebounded with positive cues from its domestic trading session. The currency is trading at 1.3130 which is a tag higher as compared to its previous closing.

Forex traders are looking out for the much awaited move from European Central Bank after the statements made about Quantitative easing made after the meeting of Jackson Hole concluded. US market is however closed for the day as an official holiday declared as Labor day.

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EUR/USD levels to work on

According to technical analyst, immediate supports for EUR/USD is standing at 1.3118 (September 1 low), 1.3104 (September 6 2013 low) and psychological level at 1.3100. On the other hand, resistance level is marking level at 1.3140 (20-hour SMA), 1.3195 (August 29 high) and 1.3210 (10-day SMA).

The pair is trading 0.07 percent higher at 1.3041 according to latest data record at 0830 hours GMT. Market is looking slightly bullish but is overbought.