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EUR/USD barely holding above 1.25

FXStreet (Bali) - EUR/USD continues to trade at very depressed levels, currently barely holding above the 1.25 level, after suffering heavy losses for a 3rd consecutive week, with last Friday's upbeat NFP allowing the USD to gain over 1.5 cents against the Euro.

Chris Capre, Founder at 2ndSkies, notes: "Showing no ability to touch the dynamic resistance and daily 20 EMA, the EURUSD has been sold virtually ever 2 out of 3 days and continues to get pummeled."

"This is not the time to look for deep pullbacks (yet), as you can see shallow pullbacks have been sold with this being a non-volatile trend. Hence I'll look to get short into 1.2590 and 1.2660. Downside targets are 1.2460, 1.2303 and 1.2175, so bearish bias remains until a daily close above 1.2715 near term", Capre adds.

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