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EUR/USD loses 1.35 – Is this the real break?

EUR/USD breaks below 1.35 for the second time in 3  trading days. The last move (explained here) ended in 1.3490 and the pair is now below this level, at 1.3487. We often see an initial false break followed by the real thing. However, EUR/USD has  been stubborn, especially when it is going down.

Geo-politics continue to dominate the headlines, with tensions mounting around Ukraine and the war in Gaza intensifying.

Update: the low level so far is 1.3480.

Support awaits at 1.3475, which was the low in February, and 1.34 is the next significant level.

Here is how it looks on the chart:

EURUSD July 22 2014 technical analysis 30 minute chart

One of the  reasons for the drop is comments from Pier Carlo  Padoan, Italy’s  Minister of Economy and Finance  that says that the economic trend is weakening in Europe.

Yesterday, Germany’s PPI came out below expectations, showing yet another sign of low inflation.

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.