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EUR/USD dips to the lowest in 2 years – confirmation

EUR/USD resumed its falls after trading in range and reached a new 2 year low at  1.2658, just below the previous lows and at the critical line where the uptrend began.

So far, there is no confirmation to the break.

Update: Breakdown is confirmed after  inflation data disappoints.

It’s all the way down to 1.2601.

1.2660 is strong support as  this is where the pair  began the long term uptrend support that was recently broken. The pair hit this low point in November 2012, and  started a long rise from there.

In the recent fall of EUR/USD, it stopped just short of this line, at 1.2663.

The new low is just under the November 2012 trough, and the lowest since September 2012. However, after the initial dip, the pair bounced back, so the break is still not confirmed. We get euro-zone  inflation numbers soon.

Below this line, 1.2620 is the next support line, followed by 1.2587. Resistance awaits at 1.27, followed by the previous double bottom of 1.2750.

Here is the weekly chart, that shows that the pair dipped just below the November 2012 low. This is a very marginal break.

EURUSD September 30 2014 lowest in 2 years technical weekly chart euro dollar

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.