EUR/USD notches fresh lows

FXstreet.com (New York) - The EUR/USD foreign exchange rate has turned lower, following a slight dive that has now entrenched the pair in negative territory Monday.

EUR/USD strategic bias

According to Jim Langlands at FX Charts, “It appears as though we are in for further consolidation within the 1.3200/1.3300 area, going nowhere fast in the next couple of days, and certainly the 4-hour charts, which are noncommittal, are not suggesting anything different. Further out, a test of 1.3400 would not surprise, and equally, it would not surprise to see a failure up there for a turn back to the downside, so the clue is to stay flexible.”

EUR/USD technical bias

At the time of writing, the EUR/USD is now operating at 1.3269 (1.3266 session low), having suffered a loss of -0.10% thus far during Asian trading. In taking a look at the technicals, the pair remains fortified by support at 1.3257 (55-day MA), ahead of 1.3246 (200-day SMA). Alternatively, the EUR/USD faces resistances at 1.3290 (August 2 high), onto 1.3306 (August 1 high), and finally 1.3384 (July 31 high).