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EUR/USD hovers around 1.2700

FXStreet (Córdoba) - EUR/USD has recovered some ground and is trading back above 1.2700 after hitting fresh cycle lows during the European session.

EUR/USD bottomed out at 1.2663, hitting its lowest level since November 2012, but managed to halt the decline a few pips ahead of 1.2660 and bounced. Meanwhile, German inflation data had no impact on the pair. German CPI came in flat in September and rose 0.8% YoY as expected. At time of writing, EUR/USD is trading at the 1.2700, 0.15% above its opening price.

EUR/USD technical outlook

"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", said Valeria Bednarik, chief analyst at FXStreet. "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".

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