Forex: EUR/USD falls below 1.4700 again after rejecting 1.4725

The Euro's recovery against the Dollar from 1.4675 has found resistance at MA100 hourly chart at 1.4725 during the Asian session. EUR/USD has rejected this level and it has begun to fall and trade below 1.4700, close to 1.4690.

Currently, EUR/USD is trading lower on the opening week, with 0.15% daily losses from opening price at 1.4720 to the current 1.4690/1.4600.

“The euro versus dollar pressured the minor support levels breaching the minor ascending channel to reverse and head towards the minor support around 1.4675. This constant pressure makes us expect an intraday move to the downside, targeting first 1.4595 and then 1.4500; note that the Stochastic has entered oversold areas where the 100 MA is impeding the pair's downside move, which might cause some mixed trading and difficulty in achieving the mentioned bearish targets. The downside direction will remain intact as far as the four-hour closings are below 1.4780.”