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EURUSD : Not Able to Hold Above 1.2829, Next Target Support at 1.2751

EURUSD : 4 Hour Chart

EURUSD confirmed the downtrend on the 4 hour chart with no sign of revival by breaking below the key support at 1.2829 of the descending triangle. The losses were extended after the release of the upbeat US home sales data. The official data showed that the sales of new single family houses in August 2014 were at a seasonally adjusted annual rate of 504K above the revised July rate of 427K and above the forecast of 423K.

EURUSD : Weekly Chart

On the weekly chart, there seems a key support at 1.2751 from which the pair might revive but it still seems resisted as the demand for US dollar remain supported amid the expectations among investors that Fed will increase interest rates soon. On the stochastic oscillator the pair is on the oversold zone.