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EUR/USD stuck in the 1.2740/50 price zone - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that EUR/USD has remained steady in the 1.2740/50 area in the European morning.

Key quotes

"There has been one relevant fundamental release, German GFK consumer climate survey that shown sentiment worsened again in September, down to 8.3, another stone in EUR's shoe."

"Later on the day US GDP readings and personal consumption data may bring some action to the market, but for the most, seems we will have to wait until next week, with Central Banks and US employment data, to see if the trend will extend from current critical level."

"Short term, the 4 hour chart shows indicators corrected oversold readings and turned back south in negative territory, keeping the downward pressure intact."

"20 SMA in the same time frame stands now at 1.2800, while the daily descendant trend line offering next resistance at 1.2835."

"As long as this last remains intact, risk of a turn will remain limited."

"To the downside, 1.2700 figure is the immediate support, and a downward acceleration below it, should lead to a quick test of next support, at 1.2660."

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