Home EUR/USD < 1.34

EUR/USD is trading below 1.34. It finally happened after a struggle. The break awaits confirmation. The low so far is 1.3395.

The release of inflation from the German states of Saxony and Hesse could have been the last trigger for the move: the former printed an annual rate of 0.8% in July in comparison with 0.9% in June.

Also Spain’s inflation came out significantly below expectations: a drop of 0.3% in comparison to an expected rise. However, strong growth in the euro-zone’s fourth largest economy countered the drop in inflation.

Here is the chart:

EUR/USD below 1 34 July 30 2014 technical 30 minute forex chart Garman inflation saxony hesse

 

Further support awaits at 1.3325, which is a long way to go. The next line is the  November 2013 low of 1.3295. Most of the fall so far has been a dollar story.

For example, the surprisingly  strong CB consumer confidence pushed the  dollar higher. The  underlying speculation is that the FOMC will shift to a more hawkish gear. We will know later on today.

For more, see the EURUSD prediction.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.