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EUR/USD capped below 1.2850

FXstreet.com (Barcelona) - The EUR/USD managed to open the week printing session highs at 1.2851 taking advantage of broad USD selling on the back of a strong Yen move higher, that was soon capped, and took EUR/USD to session lows again, last at 1.2831.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart shows price heading higher nearing a bearish 20 SMA while indicators head higher and approach their midlines, still in negative territory,” the analyst notes, adding: “An upward correction seems possible, as bigger time frames present the same technical picture, although steady gains above 1.2880/90 area are required to confirm further advances today, with scope to test 1.2950 price zone,” she concludes.

Valeria spots support levels at: 1.2810, 1.2785 and 1.2744, while resistance levels: 1.2890, 1.2920 and 1.2950.

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