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EUR/USD: recovery loses steam

FXStreet (Córdoba) - EUR/USD continues to hover around the 1.2700level after staging a mild recovery from fresh cycle lows during the European session.

The US dollar has retreated broadly over the last hours, giving the euro the opportunity to regain the 1.2700 mark, although momentum wasn’t strong enough and the recovery remained capped by the 50-hour SMA. At time of writing, EUR/USD is trading at 1.2695, 0.09% above its opening price, and with the latest string of German and US data having virtually no impact on the pair.

EUR/USD technical outlook

“Technically, the 1 hour chart shows price advancing above a flat 20 SMA with momentum heading higher above 100 and RSI also in positive territory. In the 4 hours chart RSI barely corrected oversold readings, while momentum stands below 100 and 20 SMA heads lower above current price”, said Valeria Bednarik, chief analyst at FXStreet. “The bounce can extend as high as 1.2760/70 price zone, moreover if stocks enter selloff mode, yet further advances seem unlikely for these first days of the week”.

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