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EUR/USD consolidates below 1.2900

FXstreet.com (Córdoba) - The euro pulled back from the 1.2900 level against the dollar and briefly dipped to a low of 1.2840 as the greenback strengthened during the European session.

However, EUR/USD bears lacked determination to take it lower and the pair was confined to a narrow range where it has spent the last trading hours. At time of writing, EUR/USD is trading around the 100-hour SMA at 1.2870, just a few pips below its opening price.

From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that 4-hour chart holds a neutral stance but adds that a break below 1.2840 should favor further slides in the pair, with 1.2790 area then at sight. On the upside, the analyst sees resistances at 1.2890, 1.2920 and 1.2950.

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