Technical Summary for Majors

EUR/USD Trades in a near-term corrective mode after yesterday’s loss of strong support zone at 1.3420/00, extended bears to fresh 7-week low at 1.3320. The pair attempts to clear 1.3400 for test of strong resistance area at 1.3420, previous low / Fib 50% of the latest 1.3529/1.3320 decline and 1.3450/70, Fib 61.8% / 20 day SMA, where reversal is anticipated, ahead of fresh leg lower. Only sustained break and weekly close above the latter, would put short-term bears on hold and signal stronger

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