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EUR/USD: recovery capped by 1.2570

FXStreet (Córdoba) - The recovery of the EUR/USD from a 2-year low of 1.2500 stalled at the 1.2570 resistance area during the New York session as investors were searching for direction in the absence of major economic events.

EUR/USD bottomed out at 1.2500 Friday on the back of a solid US jobs report, but buyers defended the psychological level and allowed the shared currency to stage a mild bounce that extended to the 1.2570 area before finding resistance. At time of writing, EUR/USD is trading at 1.2555, up 0.36% on the day.

EUR/USD technical perspective

“In the 4 hours chart indicators corrected oversold readings, but remain well into negative territory, while 20 SMA maintains a strong bearish slope, acting as dynamic resistance in the 1.2600 price zone”, said Valeria Bednarik, chief analyst at FXStreet, who locates immediate resistance levels at 1.2570, 1.2610 and 1.2650 and supports at 1.2500, 1.2460 and 1.2430.

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