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Forex: EUR/USD recovery capped by 1.2890

FXstreet.com (Córdoba) - Even though the greenback lost momentum and gave up ground versus most competitors in the wake of disappointing indicators, the EUR/USD recovery attempt was short-lived.

EUR/USD found support after hitting a 6-week low of 1.2842 but the subsequent bounce stalled at the 10-hour SMA around 1.2890. At time of writing, EUR/USD is trading around 1.2870, where it posts a 0.4% loss on the day.

From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com, notes that technical readings hold the bearish strength in 4 hour chart, and even though bounced to 1.2920 could be possible, sellers are expected to reappear ahead of 1.2970, next strong resistance area. Bednarik locates immediate support levels at 1.2840, 1.2790 and 1.2745

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