The EURUSD is trading quiet on Monday after having two bad days on Thursday and Friday . The decline brought price to close below 20 SMA and also under trendline; Momentum indicator broke down the 100 line, giving another signal of weakness.

We could expect the EURUSD to move in a new range, with resistance between 1.3780 and 1.3800 and possible support around 1.3700.

A rise back above 1.3850 could give momentum to the euro, but as long as it holds below 1.3800 the short-term perspective will favor further declines.

EUR/USD DIA - 12 de mayo de 2014
EUR/USD DIA – 12 de mayo de 2014