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2 Jan 2015
EUR/USD breaks 2014 low
FXStreet (London) - EUR/USD failed to sustain itself above 1.2100, with spot pushing below the psychological level to post a session low at 1.2079.
Spot has recovered slightly to trade at 1.2088, down -0.14% on the day and the push below looks to be little more than the result of several hours of testing the 1.2100-1.2096 region. The move means that spot has broken below the 2014 low, with nothing in the way before the 2012 low of 1.2053.
On a daily chart we can see that the 5 SMA has struggled to get and stay above the 20 SMA, with the 5 in recent days providing direct resistance to spot. Looking to daily RSI we can see that after a ranging period between 30-60 dating back to early October 2014, the indicator is poised to dip back into oversold territory.
EUR/USD Levels
Above, resistance can be seen ahead around1.2096-2100, 1.2116, 1.2123 and 1.2141-50. Below, next support can be seen at 1.2053, the 2012 low.
Spot has recovered slightly to trade at 1.2088, down -0.14% on the day and the push below looks to be little more than the result of several hours of testing the 1.2100-1.2096 region. The move means that spot has broken below the 2014 low, with nothing in the way before the 2012 low of 1.2053.
On a daily chart we can see that the 5 SMA has struggled to get and stay above the 20 SMA, with the 5 in recent days providing direct resistance to spot. Looking to daily RSI we can see that after a ranging period between 30-60 dating back to early October 2014, the indicator is poised to dip back into oversold territory.
EUR/USD Levels
Above, resistance can be seen ahead around1.2096-2100, 1.2116, 1.2123 and 1.2141-50. Below, next support can be seen at 1.2053, the 2012 low.