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Forex: EUR/USD bounces back to opening levels

FXstreet.com (Córdoba) - Despite having fallen to a daily low of 1.2946 in the wake of disappointing German data, EUR/USD managed to find buyers and recovered ground to trade nearly flat on the day.

EUR/USD continues to oscillate in a range around 1.2975, effectively unchanged, unable to set a clear short-term direction, as market remains driven by investors' sentiment.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com comments that 1-hour indicators remain neutral but technical readings maintain a strong bearish momentum in 4-hour chart. "Recoveries up to 1.3050 will likely attract sellers, while a break below 1.2935 will only exacerbate the dominant trend", Bednarik added.

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