-pojie-
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The euro weakened against the dollar during the Asian trade, while Asian share markets dropped in reaction to an unproductive European finance ministers’ meeting in Poland on Saturday. The Nikkei was closed on Monday, however, other regional bourses fell by 1.5% on average.
The euro declined more than 1 percent to 1.3646 versus the dollar in Asia, last quoted at 1.3660, 30 pips below its opening price.
From a technical standpoint, “EUR/USD (last at 1.3665) is likely to trade in a lower range this week as the daily MACD indicator is bearish and the spot rate this morning violated support at Thursday’s low of 1.3703,” writes Jerry Tan in his column at Dow Jones Newswires.
Mr. Tan expects buying interest to come in at Tuesday’s low of 1.3557, where a breach would then expose the downside to 1.3495. To the upside, “a rise above Thursday’s high of 1.3937 would temper the near-term negative outlook, targeting the 200-day moving average, coming now at 1.4037,” he explains.
The euro declined more than 1 percent to 1.3646 versus the dollar in Asia, last quoted at 1.3660, 30 pips below its opening price.
From a technical standpoint, “EUR/USD (last at 1.3665) is likely to trade in a lower range this week as the daily MACD indicator is bearish and the spot rate this morning violated support at Thursday’s low of 1.3703,” writes Jerry Tan in his column at Dow Jones Newswires.
Mr. Tan expects buying interest to come in at Tuesday’s low of 1.3557, where a breach would then expose the downside to 1.3495. To the upside, “a rise above Thursday’s high of 1.3937 would temper the near-term negative outlook, targeting the 200-day moving average, coming now at 1.4037,” he explains.

