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EUR/USD dropping from 1.2900 level - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that after having advanced towards the 1.2900 area, EUR/USD is now falling, currently at 1.2870.

Key quotes

"The hourly chart shows price finding short term support around its 100 SMA, while momentum and 20 SMA continue to head higher."

"In the 4 hours chart current candle opened above a flat 20 SMA, standing now a few pips above it, while indicators hold below their midlines."

"The upside remains limited by 1.2920 strong static resistance level, and will take some gains above it to confirm further upward extensions in the pair."

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The Euro is completing a 50-pips rejection from 1.2900 versus the US Dollar and now he pair is testing the 1.2850 area as the Greenback is trading on the defensive.
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