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EUR/USD maintains heavy tone on Monday - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik remarks that EUR/USD fell to a low of 1.2663 on Monday, while the upside has been limited by the 1.2700 level so far.

Key quotes

"Confidence sentiment in Europe again missed expectations with Business Climate and the Economic Sentiment Indicators below expectations, and Consumer Confidence as expected at negative lows of -11.4."

"The 4 hours chart shows however no directional strength at the time being, albeit the pair remains clearly biased lower: 20 SMA presents a strong bearish slope above current price, and indicators stand flat well into negative territory."

"A downward continuation below 1.2660 should see the pair approaching 1.2600/20 price zone, while some steady consolidation above 1.2700 may see an upward correction extending towards recent intraday highs of 1.2760."

Italy 10-y Bond Auction climbed from previous 2.39% to 2.45%

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