Not closing above the 200 wma has seen some downward pressure come in and we’ve fallen below it early in the European session.

EUR/USD weekly technical analysis chart 26 August 2013

EUR/USD weekly chart 26 August 2013

We fell into bids at 1.3365 and while there is minor technical support at 1.3333/37 the broken May 2011 resistance line will be a fairly good test for support with strong bids seen at 1.3300.

1.3400 is still containing the long running range despite quick breaks above but the break of the May trendline could open the door for a push higher. With a raft of US data out this week we could have some wild moves as the taper mob start fine tuning the FOMC expectations.