EUR/USD hit fresh lows below 1.3400

FXStreet (Córdoba) - On a quiet session, the EUR/USD dropped marginally below previous lows and hit a fresh bottom at 1.3379. Since the beginning of the week the pair has fallen 30 pips, trimming Friday’s gains.

EUR/USD technical outlook

On Monday the pair is moving with a downside bias, but price action remains limited on a low volume session in the currency market.

On a wider perspective the TD Securities team of analysts notes that the
EUR/USD reached the 1.3385 bear target derived from the 1.3965 double top. “We remain broadly bearish on the outlook for the EUR—trend studies are resolutely bearish and the rollover in the shorter-term MA signals below the longer-term studies supports the generally softer outlook (note the 100-day MA/200-day MA bearish crossover)”.

The daily chart reveal some signs of potential basing which needs to be closely monitored this week according to the TD Securities team of analysts.