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Forex: EUR/USD extending downside

The EUR/USD was trading -0.46% lower on the day, at 1.3520, the lower band of the trading range seen during the European session after falling from just below 1.3600 on the Asian shift. However, after its fourth attempt to try a move lower, below 1.3520 intraday support, the pair is giving in and has already printed a low at 1.3507.

The economic calendar is pretty empty for the rest of the day, but investors will be eyeing tomorrow’s ECB monetary policy decisions and press conference. After yesterday's remarks made by French President Hollande about the Euro being too strong and in need of a defined exchanged rate, the market is expecting ECB's Draghi to approach the subject despite his aversion to talk about the exchange rate.

German factory orders were just released, disappointing investors with a wider annualized fall than expected, from -0.9% (revised from -1.0%) to -1.8%, instead of the -1.2% consensus. On the month, orders have risen by +0.8%, not as much as the +0.9% expected.

“Yesterday's rise peaked at 1.3590 resistance area and current intraday bias is negative, as the pair is heading for a break through 1.3470, towards 1.3390 support zone”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to positive outlook on the higher frames, targeting prices beyond 1.3710.

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