OctaFX | OctaFX Forex Broker
Open trading account

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.

Sterling resuming a bear trend?

Sterling had been trading in an ascending channel before the release of CPI where the support line was well and truly breached.
Read more Previous

Flash: ECB rates hinge on oil prices – UBS

“With the Swiss National Bank continuing to cap the franc against the euro and the Bank of Japan having just committed last month to double the monetary base, the central banks more likely to respond in the near-term to lower oil prices dragging down inflation further appear to be the ECB, the Riksbank and the BoE.” notes the UBS Research Team.
Read more Next
Start livechat