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EUR/USD unable to hold above 1.2900

FXStreet (Córdoba) - The euro is about to finish the day slightly higher versus the US dollar, rising for the first time after falling during the previous four trading days. EUR/USD bottomed at 1.2662, fresh 22-month low but then bounced and climbed to 1.2914.

The pair failed to hold above 1.2900 during New York and pulled back toward 1.2875/80. Near the end of Monday, trades at 1.2987/89, less than 10 pips above the price it closed on Friday.

EUR/USD technical outlook

According to Valeria Bednarik, Chief Analyst at FXStreet, the 1-hour chart shows price consolidating above a flat 20 SMA but well below 100 and 200 ones

“In the 4 hours chart indicators had managed to correct oversold readings but remain in negative territory with RSI turning back south, and 20 SMA maintaining a strong bearish slope above current price”, noted Bednarik.

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