EUR/USD Current price: 1.3658

21.05.2014 18:34:29

Firmer US yields and polls showing investors are confident the ECB will cut rates next month are giving the greenback a boost across the board, with the EUR/USD challenging critical support area at 1.3640/60. The level holds for now, but the bearish pressure is undeniable and stops below the level should be large, so if reached, the selloff will likely extend. The hourly chart shows indicators accelerating south in negative territory, while price extended below 20 SMA still pretty neutral. In the 4 hours chart the technical picture is also bearish, yet mentioned critical support needs to be taken to confirm the downward extensions.

Support levels:  1.3650 1.3610 1.3570

Resistance levels: 1.3690 1.3720 1.3745