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EUR/USD finds resistance at 1.2925

FXStreet (Córdoba) - The recovery of the euro against the dollar from 14-month lows found resistance around the 1.2925 area. The pair peaked at 1.2926 and then pulled back toward 1.2900 but managed to hold above.

EUR/USD was hovering around 1.2915/20 near the end of the American session, posting a daily gain of 20 pips.

EUR/USD short and long term outlook

According to Dmytro Bondar, Technical Analyst at RBS, EUR/USD has extended losses towards a key long-term support area 1.2750 – 1.2885, where the Fibonacci retracement from the 2008-2010 extremes and 2013 lows.
“Surprisingly, the long-term oscillators are still bearish and indicate further downside possibility once the area is cleared”.

But Bondar warns that in the short-to-medium term momentum tools are increasingly in the favour of a corrective bounce. “Overall, the near-term may see a bounce to 1.3120 (possibly 1.3346) from the support area, whereas long-term would remain bearish once 1.2800 is cleared on a sustained basis”.

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